Sylvan said Stoke-on-Trent-based Panelco‘s strong customer base in the end-user sector was an attractive feature of the acquisition.
Panelco, which specialises in the sale of melamine-faced and laminate products, enjoyed significant growth in 2006, recording a turnover of £23m. The company was founded in 1998 by Simon Wood and Robert Dean.
“This strategic acquisition supports our strategy of developing our business both organically and through quality acquisitions,” the Sylvan board said.
“We are excited by the prospects presented by this acquisition and we look forward to working with Simon and Robert who we are pleased to report are staying on with the business.”
Panelco, whose name will be retained, said the acquisition was a good fit for its business and Sylvan’s support would enable it to continue to develop and prosper.
