- Tyman's UK division, ERA, has acquired Zoo Hardware, a designer and supplier of architectural hardware for the UK residential and commercial markets.

Zoo Hardware is based in Carlisle and was founded by Robin Graham in 2010.

In the year ended 31 March 2018, Zoo Hardware reported unaudited revenue of £17.8 million and EBITDA of £2.8 million.

Cost synergy benefits from the acquisition of not less than £0.75 million are targeted by 2020.

The enterprise valuation for Zoo Hardware is £19.0 million (calculated on a debt free, cash free basis and subject to customary adjustments), equating to a March 2018 EBITDA multiple of 6.8x.

£1.5 million of the consideration is deferred for two years and £1.4 million of the consideration is in the form of ordinary shares in Tyman.

The acquisition is expected to be immediately accretive to the group's underlying EPS, and ROAI for the acquisition is expected to exceed the group's minimum run rate return threshold of 15% within two years of ownership.

The acquisition is principally being funded through Tyman's existing debt facilities.

Louis Eperjesi, chief executive, said: "The acquisition of Zoo Hardware complements ERA's product range and offering and represent a further milestone in the development of the ERA division. Zoo Hardware has grown rapidly since its establishment in 2010 and brings to ERA an attractive, design led architectural hardware offering; together with increased exposure to the trade distribution route to market."

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