Carysil UK Ltd acquires a majority share in The Tap Factory Ltd on 3rd April 2023

Carysil UK Ltd acquires a majority share in The Tap Factory Ltd on 3rd April 2023

70% of the shareholding of The Tap Factory Limited has been acquired by Carysil UK Limited, a wholly owned subsidiary of Carysil Ltd, which is listed on the BSE Limited and National Stock Exchange of India Limited (NSE). The deal marks Carysil’s third UK acquisition, after completing the successful acquisition of Homestyle Products Limited in 2014 and Sylmar Technology in 2022.

Stuart Greenwood commented: “Having developed the business from conception alongside my wife and partner Zoe, we are delighted to be joining the Carysil Group whereby I firmly believe the company can dovetail into the group and add value. The energetic direction of Carysil is exactly the right path to take. This acquisition is great news for the company, staff and our partners and we are excited to embark on this new journey together.”

Carysil is a global market leader in the design, manufacture and supply of kitchen and bathroom products. It is active in over 60 countries, with a significant presence in the UK, USA, Germany, France, China, and India. The acquisition of The Tap Factory follows one of its key strategic objectives to acquire market-leading brands in the kitchen sector. The Tap Factory products and customers strategically complement Carysil’s existing product offerings. Managing Director Stuart Greenwood will report directly to Carysil UK Ltd CEO, Marcus Smyth, but there is likely to be little change in the day-to-day running of the business. In line with other group companies, the Tap Factory will become known as Carysil Brassware Limited.

Marcus Smyth CEO Carysil UK Ltd commented: “The acquisition of The Tap Factory sees the company widen and specialise its portfolio here in the UK, the addition and core strength of The Tap Factory led by Stuart and his team will see us strengthen our position within the kitchen and bathroom brassware sectors , we are very excited, Stuart and I have worked closely together for many years and have collaborated on many joint products and initiatives together , we could see that amalgamating the business within the wider group would prove a great fit for both parties whilst opening up The Tap Factory portfolio to a much greater audience both here in the UK and across our Global network.”

Jack Letson of CMS Cameron McKenna Nabarro Olswang LLP acted as legal adviser along with Mathew Weaver of Alextra Group Ltd acting as financial advisers on behalf of CARYSIL UK LTD with Susan Clark of LCF Law acting as advisors to Stuart and Zoe Greenwood .