The brand is being acquired from PE Outlets B.V. and the purchase is not classified as a significant transaction under chapter 10 of the Listing Rules.
Founded in 1968 in Bavaria as a manufacturer of electrical equipment, Petra originally specialised in coffee machines before expanding its range into other areas of kitchen electrical products.
In recent years, the brand has been less used by its current owner although market research shows that it remains well known to German consumers.
Ultimate Products plans to relaunch and refresh the Petra brand with a range of electrical kitchen appliances.
As the brand is well recognised in the German market, where it has a strong reputation for quality and design innovation, the Group will initially target this region.
In time, the Group expects to expand Petra into other territories, trading on its German heritage and reputation for quality.
Simon Showman, Chief Executive of Ultimate Products, said: “We are very pleased to add Petra to the Ultimate Products portfolio of consumer goods brands.
"Petra is well recognised in the German market with a reputation for quality and design innovation.
"We will seek to emulate the success of our previous brand acquisitions, most notably Beldray, Progress and Kleeneze, by relaunching Petra with a suite of innovative new products and a dynamic marketing strategy.
"More broadly, as the first German brand to join the Ultimate Products range, we hope this will further increase our penetration of the German market, where we already have a growing business with strong customer relationships.”
