Polygiene acquires Addmaster in a deal worth over EUR 36.6 million

Sweden-based company Polygiene has announced that it is purchasing British Addmaster Holdings Limited, located in Stafford and one of the UK’s leading suppliers of antibacterial additives, making it a comprehensive supplier of antimicrobial solutions for both soft and hard surfaces. On one of the last days of the year, an extraordinary general meeting voted in favor of Polygiene’s acquisition of Addmaster Holdings Limited at a purchase price of EUR 36.6 million (SEK 374 million or GBP 33 million).

Addmaster brings to the deal its expertise in antimicrobial technologies on hard surfaces, such as floors, door handles and kitchen and bathroom fittings in public spaces, which complements Polygiene’s current range of odour control and antiviral solutions for textiles. The acquisition will enable the company to offer the market a comprehensive solution of antimicrobial functions, said Ulrika Björk, CEO of Polygiene, which was established following the 2004 SARS pandemic through a spin-off from the Perstorp Group.

“Our vision is to fundamentally transform the industry, partly by encouraging consumers to change their behavior and wash less, and partly by getting the industry to adopt our functions and by doing so be part of building an eco-friendly society with an approach to consumption that is more sustainable in the long term.”

For Björk, the transaction represents a milestone that, from a strategic perspective, is completely ‘logical given the great synergies that exist between the companies’.

“Through the acquisition, we can strengthen our position in the market with a much broader offering, which will accelerate our already strong growth,” she said.

According to Addmaster, the new owners have extended the lease on the Addmaster head office, signalling the intent to invest in the UK team.

Founder Paul Morris and managing director Sandrine Garnier will continue to lead the company going forward, as it aims to build on the Covid-19 fuelled demand for hygienic products.

Addmaster has been operational throughout Covid-19, increasing annual sales by over 60% in the last twelve months as existing and new clients look to explore new solutions that offer the user greater hygienic protection.

According to Morris, the two companies first started talking in 2005, when both companies were new entrants in the antimicrobial market.

“The relationship has strengthened from there, with our additives used by Polygiene for more than a decade now.

Polygiene is known for its ViralOff, BioStatic and OdorCrunch products.The former, launched in the spring, is over 99 percent effective at breaking down viruses such as SARS-CoV-2, within two hours, according to an ISO standard. Addmaster is the manufacturer of, among others, Biomaster, which has been in high demand throughout the pandemic. In a recent development, the technology has been found to be effective on both porous and non-porous substrates against SARS-CoV-2, the virus that causes Covid-19. providing to 99% protection just four hours after it has been added to products, preventing any bacteria or virus growing on everyday items.

Morris: “The global demand for antimicrobial solutions has been accelerated by the pandemic and we felt the time was right to come together as one organisation so that we can make the most of the worldwide desire for products and textiles that offer the best hygienic protection to the user.”

He added that while Brexit was talked about, there was never any question that it would stop the deal from taking place. “If anything, it is a massive advantage for both companies to have footprints in both the UK and the EU.”

Polygiene is listed on the Nasdaq First North Growth Market and as part of the deal, which included shares, Addmaster becomes part of the Polygiene company portfolio.