Deal Announcement: Kleen-Tex Sweeps Up The Turtle Mat Company

Posted: Feb 20, 2017
Expert:
Nigel Barratt

Founded in 1994 by James Turtle, the acquired business has six staff and annual revenues of more than £2.5m. It is based in Cirencester in the Cotswolds. In addition to supplying retailers, Turtle Mat sells its residential doormats directly to consumers via mail order, its website and at events including Crufts, the RHS Chelsea Flower Show and BBC Gardeners’ World Live.

Nigel Barratt and Ryan Niblock, of HURST Corporate Finance, and James Thompson, of HURST’s tax team, advised Kleen-Tex on the acquisition. Andrew Sturge, of Turner Parkinson, provided legal advice. Kleen-Tex Industries, which has its global headquarters in Atlanta, Georgia, has annual revenues of $60m. It supplies mats for domestic, commercial and industrial use as well as for special events and public buildings.

The turtle Mat Company & Kleen-Tex Logo's

The UK business is a subsidiary of Kleen-Tex Europe and carries out sales and marketing operations. Jürgen Teubenbacher, managing director of Kleen-Tex Europe, said: “With Turtle Mat, we are gaining a strong retail brand for our company portfolio, especially in the UK market. For both companies, there are very positive synergies, on sales, marketing and distribution."

“With a shared mission to provide tried, trusted and innovative products to their customers and with a focus on excellent service, Turtle Mat is an excellent choice to grow our position within the UK.” Susan Leaver, director and general manager of Turtle Mat, said: “We are very happy to join the Kleen-Tex organisation. Kleen-Tex has a wealth of product expertise and market knowledge, which puts us in a strong, competitive position.”

Susan Leaver of the Turtle Mat Company Susan Leaver - Director and General Manager at The Turtle Mat Company 

Ryan Niblock said: “This acquisition brings about a number of synergies and provides both Kleen-Tex and The Turtle Mat Company with a great opportunity for further development and growth.”