Paul Morris, founder of Addmaster
One of the UK’s leading suppliers of antibacterial additives is setting its sights on major international growth following its acquisiton by Sweden-based Polygiene
in a deal worth £33 million, plus cash and stock.
, which supplies performance-enhancing additives for the plastic, paper, textiles, paints and coatings sectors, will become an instrumental part of the Swedish group and help the two businesses deliver a host of synergies for customers world-wide.
The acquisition brings together Addmaster’s expertise in antimicrobial technologies on hard surfaces with Polygiene’s long-standing reputation in odour control and antiviral solutions for textiles.
The new owners have extended the lease on Addmaster’s head office in Stafford, signalling its intent to invest in the UK operation so that it can play a driving force in the global growth of the newly enlarged group.
Founder Paul Morris and managing director Sandrine Garnier will continue to lead the company going forward, as it aims to build on rising demand for hygienic products fuelled by the Covid-19 pandemic.
Mr Morris, who started Addmaster twenty years ago after borrowing £5,000 off his grandmother, said: “This is a fantastic deal for our business and gives us the financial backing and global resources we need to maximise the potential of our products, including the world-leading antimicrobial protection offered by Biomaster.
“We first started talking in 2005 when both companies were new entrants in the antimicrobial market and the relationship has strengthened from there, with our additives used by Polygiene for more than a decade now.”
He added: “The global demand for antimicrobial solutions has been accelerated by the pandemic and we felt the time was right to come together as one organisation so that we can make the most of the global desire for products and textiles that offer the best hygienic protection to the user.
“In addition to the obvious financial benefits, the deal gives us additional reach and the opportunity for our existing client base to make the most of experts on both polymer and textile applications, receiving industry-leading technical support in the process.”
Addmaster, which won its third Queen’s Award in 2020, has been operational throughout the Covid-19 pandemic, increasing annual sales by over 60% in the last twelve months as existing and new clients look to explore new solutions that offer the user greater hygienic protection.
Biomaster in particular has been in high demand and has been adopted by a variety of leading companies, from toy makers to paper producers, to shopping trolleys and touch points in supermarkets, to the aviation sector where deals have been signed on everything from airport trays and aircraft interiors - all designed to prevent bacteria and viruses growing on surfaces.
In a recent development, the technology has also completed extensive testing and has been found to be effective on both porous and non-porous substrates against SARS-CoV-2, the virus that causes Covid-19.
This means that Biomaster can provide up to 99% protection just four hours after it has been added to products, preventing bacteria or viruses growing on everyday items.
Mr Morris, who has just been awarded an MBE in the New Year’s Honours list, continued: “The acquisition has come at the end of one of the most demanding, yet ultimately successful years and puts us in an excellent position to increase sales both at home and around the world.
“While Brexit was talked about, there was never any question that it would stop this deal from taking place and, if anything, it is a massive advantage for both companies to have footprints in both the UK and the European Union.”
Ulrika Björk, CEO of Polygiene, said: “The transaction is a milestone in our history and, from a strategic perspective, very logical given the great synergies that exist between the companies.
“Through the acquisition, we can strengthen our position in the market with a much broader offering, which will accelerate our already strong growth.”
Polygiene is listed on the Nasdaq First North Growth Market and as part of the deal, which included shares, Addmaster becomes part of the Polygiene company portfolio.