Staffordshire company Addmaster, one of the UK’s leading suppliers of antibacterial additives, has been sold to Swedish company Polygiene for £33 million, with the support of Midlands-based Shakespeare Martineau and Bracebridge Corporate Finance.
Addmaster supplies performance-enhancing additives for the plastic, paper, textiles, paints and coatings industry. The acquisition brings together Addmaster’s expertise in antimicrobial technologies on hard surfaces with Polygiene’s long-standing reputation in odour control and antiviral solutions for textiles.
Addmaster’s Biomaster technology, designed to prevent bacteria and viruses growing, has been in high demand and has been adopted in a diverse range of applications. In a recent development, the technology has also completed extensive testing and has been found to be effective on both porous and non-porous substrates against SARS-CoV-2, the virus that causes Covid-19. This means that Biomaster can give up to 99% protection just four hours after it has been added to products, preventing any bacteria or virus growing on everyday items.
Addmaster founder, Paul Morris said: “This is a fantastic deal for our business and gives us the financial backing and global resources we need to maximise the potential of our products, including the world-leading antimicrobial protection offered by Biomaster.”
Paul added: “I’m hugely grateful to the support of Shakespeare Martineau and Bracebridge Corporate Finance who have been with us every step of the way.”
Andy Moore, managing director at Bracebridge Corporate Finance commented: “We have worked with Addmaster over the last 3 years and have seen the business go from strength to strength. The sale to Polygiene is the result of many years’ hard work from Paul and his team. We advised the shareholders on the sale, project managing and negotiating the deal with Polygiene, working closely with Shakespeare Martineau on the legal aspects.”
Experts in medtech, fast growing and entrepreneurial businesses, head of corporate Adam McGiveron and acquisitions specialist Emma Bryant at Shakespeare Martineau, supported Addmaster with the deal – advising on the sale contract.
Adam McGiveron said: “We are delighted to have worked with Addmaster and its shareholders to achieve an outstanding result for the business. The deal is a superb example of a Midlands business being advised by Midlands advisors on an international transaction.”