Ultimate Products set to acquire UK's oldest houseware brand Salter for £34m
Date published: 25 June 2021
Salter is the UK’s oldest houseware brand (dating back to 1760) and the UK market leader for bathroom and kitchen scales
Oldham-based Ultimate Products, the owner, manager, designer and developer of an extensive range of value‑focused consumer goods brands, has raised approximately £15 million (before expenses) to fund the £34 million acquisition of Salter Brands Limited.
Salter is the UK’s oldest houseware brand (dating back to 1760) and the UK market leader for bathroom and kitchen scales.
The fundraise, comprising a placing of new ordinary shares and an offer for subscription through the PrimaryBid platform, was significantly oversubscribed.
Commenting on the proposed acquisition, Simon Showman, Chief Executive Officer of Ultimate Products, said: "Salter is an historic brand with an outstanding heritage and a fantastic reputation for producing high quality homeware products.
"As such, it will enhance and diversify our existing exceptionally strong portfolio of value‑focused consumer goods brands.
"We already have a close relationship with Salter and its customers as a result of our long-standing licensing arrangement and we look forward to growing the brand further both in the UK and internationally in the coming years."
Over time, the Salter brand has expanded into other adjacent products categories such as kitchenware and health devices, although household scales remain the core business.
Its product portfolio includes:
Bathroom scales: Salter sells mechanical and electronic bathroom as well as analyser scales that can measure body mass index.
Kitchen scales: Salter sells mechanical, electronic and connected kitchen scales in a wide range of models and designs. Salter has a range of high precision kitchen scales, timers and thermometers in partnership with the renowned British chef Heston Blumenthal.
Other kitchenware: Salter's wider kitchenware offering includes electronic and manual salt and pepper mills, kitchen thermometers, kitchen timers, handheld electronic milk frothers and stainless-steel reusable straws.
Diagnostic and Healthcare: Salter has a small range of diagnostic health devices including thermometers, blood pressure monitors and oximeters.
Since 2011, Ultimate Products has licensed the Salter brand for the sale of kitchen electrical and cookware products (not including Salter scales), with the current licence due to expire in 2024.
The acquisition eliminates royalty payments and risk around the current Salter licence.
The brand also has a long and varied history.
Salter produced the first commercially available typewriter (the Salter Standard No 5) in 1892, and in 1878 staff from the Salter’s factory formed a works football team.
This eventually became West Bromwich Albion!
The acquisition provides Ultimate Products with the opportunity to further develop Salter's international sales, which are currently modest.
It also provides Ultimate Products with the opportunity to create a more diversified and balanced Salter brand portfolio.
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