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Accrol to buy Leicester Tissue Company for £41.8m

Accrol wants to buy tissue converter LTC
Accrol wants to buy tissue converter LTC
03 Nov 2020 − 

British tissue converter Accrol wants to take over Leicester Tissue Company (LTC) in a move to increase its market share in the UK retail tissue market to approximately 16 per cent.

UK tissue converter Accrol has entered into a conditional agreement to acquire the entire issued share capital of Leicester Tissue Company (LTC) for an enterprise value of up to £41.8m (€46.4m). Founded in 2014, LTC is a fast growing, independent tissue conversion business, supplying private label and branded toilet roll and kitchen towel to UK customers.

The acquisition will increase Accrol's share of the total UK retail tissue market to approximately 16 per cent and consolidate its position in the private label retail tissue market. Accrol estimates annualised run rate cost synergies in excess of £1.0m (€1.1m) from procurement and operational efficiencies.

Accrol intends to finance the consideration for the acquisition and associated costs via a conditional placing of new ordinary shares.

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