Armstrong Teasdale Advises FKA Brands Limited on Sale of its Salter Business
An Armstrong Teasdale team led by Partner Martin O’Donoghue has successfully advised FKA Brands Limited (“FKA Brands”) on the hive down of its kitchen and bathroom scales brand Salter (“Salter”) to a newly incorporated subsidiary, and on the subsequent sale of that subsidiary, Salter Brands Limited, to London Stock Exchange listed UP Global Sourcing Holdings plc (Ultimate Products). The deal value was £34 million ($47 million USD).
FKA Brands (together with its group) is a world leader in personal wellness products. Its portfolio of brands includes House of Marley, Sol Republic, Jam and HMDX in consumer electronics, HoMedics in health and wellness, Revamp in haircare and, prior to the transaction, Salter in housewares.
Salter is the U.K.'s oldest housewares brand dating back to 1760 and is the U.K. market leader for domestic bathroom and kitchen scales. Over time, it has also grown into other adjacent product categories such as kitchenware and health devices, although household scales remains its core business.
Ultimate Products (together with its group) is the owner, manager, designer and developer of an extensive range of value‑focused consumer goods brands. Prior to the sale, Ultimate Products licenced the Salter brand from FKA Brands for the sale of kitchen electrical and cookware products. The transaction, therefore, represents a strategic acquisition for Ultimate Products.
Commenting on the sale, Chief Executive Officer (EMEA) of FKA Brands Swarup Banerjee said: “The divestiture of Salter is part of a long-term strategic initiative by the FKA group to refocus and grow its core business. The transaction itself had numerous complexities emanating from the carve-out of the Salter-branded business from the FKA Group, especially given the international nature and structure of the business. The Armstrong Teasdale team, led by Martin, were very hard working and managed the whole process for us from the outset. The team was responsive, knowledgeable and a pleasure to work with. They were instrumental in the successful completion of the transaction.”
Martin O’Donoghue said, “This was a fantastic deal to be a part of and we are delighted to have been able to advise FKA Brands on the sale of one of its most successful brands. Our ability to draw on a cross-disciplinary team from corporate, employment and intellectual property played a fundamental part in securing a very successful result for our client. We wish Alon, Swarup, Graham and the rest of the FKA team every success for the future.”
Martin O’Donoghue is an experienced corporate partner who focuses on mergers and acquisitions, business purchases and disposals, private equity and venture capital investment, joint ventures, corporate finance and commercial contracts. Martin is consistently recognised in the Legal 500 as a Recommended Lawyer for Mergers & Acquisitions in the U.K. The wider team comprised Partner Peter Kohl (Corporate), Solicitor Arthur Horsfall (Corporate), Partner Jonathan Bruck (Employment) and Partner Zane Shihab (Intellectual Property).