The Navigator Company has completed the acquisition of all the shares representing the share capital of Accrol Group Holdings plc, a leader in the tissue paper converting segment in the United Kingdom, producing toilet rolls, kitchen rolls and own-brand facial tissues for most of the main UK retailers.
The result of the offer was announced today, after Accrol's General Meeting. The Offer was approved at the Court Meeting with 99.12% of the votes and the connected resolution was passed at the General Meeting with 99.17% of the votes cast, enabling the acquisition of 100% of the company's share capital. Accrol’s acquisition is expected to be effective on 24th May.
The Increased and Final Offer for Accrol, announced by Navigator on 3 May 2024, values Accrol's fully diluted equity at approximately 130.8 million pounds (€152.1 million). Considering Accrol's half-year results, as of October 31, 2023, financial debt totals £25.5 million (circa €29.6 million) or £57.4 million pounds (circa €66.7 million) including IFRS16.
This deal is part of the Group's ambitious growth and diversification plan and reinforces its strategic position in the Western European tissue market, through the acquisition of a leading player in the UK tissue market, with competitive advantages, complementary values and strong alignment with Navigator.