AGA Rangemaster Group plc ("the Group"), the specialist in range cookers and kitchen living, has acquired the business and principal assets of Redfyre Cookers ("Redfyre") and Don Heating Products ("Don") from Gazco Ltd. They currently have a combined revenue of around £1 million per annum. The consideration is approximately £0.75 million, subject to a final stock adjustment, and has been funded from the Group's existing cash resources.
Redfyre, whose history dates back to the 1930s, is a well-established cast iron cooker brand selling oil, gas and electric range cookers. Redfyre has much in common with the Group's Irish based Stanley operation and the two brands will now work closely together.
Don has, for many years, supplied spare part components for cast iron range cookers in the field including AGA, Rayburn, Stanley and Redfyre and fits neatly with the Group's product upgrade programme.
"This acquisition is about continuing and reinforcing our strong support for cast iron products in the field and offering customers a wider range of new modern models to consider." William McGrath, Chief Executive, AGA Rangemaster Group plc.
William McGrath, Chief Executive, AGA Rangemaster Group plc - 01926 455731 (today)
Simon Sporborg/Charlotte Kenyon, Brunswick Group - 020 7404 5959 (thereafter)