Litebulb Group Ltd Acquisition of Scarlett Willow
Litebulb (AIM: LBB) is pleased to announce the acquisition of the entire share capital of Scarlett Willow Ltd ("Scarlett Willow"). Scarlett Willow's assets include the company website, brand and stock. This continues the acquisition strategy of the Company, adding to the growing stable of brands and complementing the continued rapid organic growth of Litebulb.
Scarlett Willow is an award-winning brand, focused on providing "stylish living for your home..." Its ethos is to manufacture and design products of traditional quality with a modern design twist to stand the test of time. The transaction will add to the range of Litebulb's brands and draw on its operational skills to aid Scarlett Willow in the expansion of its product base and worldwide distribution.
Simon McGivern, CEO of Litebulb commented on the deal:
"Scarlett Willow has an established niche brand which can now be leveraged by the team at Litebulb. It is always exciting to find a brand with such potential for growth and we are committed to maximising this potential and making Scarlett Willow a future household name. Litebulb is perfectly positioned to expand and develop an exciting range of products to complement Scarlett Willow's existing offering and we welcome the opportunity to build on the brand's reputation for quality and style.
This transaction marks the start of a concerted strategic effort to rapidly increase our footprint by acquisition. This will allow us to both leverage sales, by selling new brands into our existing networks of major distributors, and reduce costs through economies of scale. A number of possible deals are actively being considered by Litebulb and its advisers and I expect to be announcing further acquisitions in the future".
Clare Gradidge, CEO of Scarlett Willow commented:
"We're really excited about this next stage of development for Scarlett Willow. The infrastructure and resources that the Litebulb bring us will enable us to expand quickly and increase our product offering."