Disruptive online construction and home improvement products retailer CMOStores.com has completed the acquisition of online tile retailer Total Tiles.
The transaction, which was completed on 31st December 2020, is the second acquisition by the CMOStores group, following the acquisition of DoorWeb in 2018. CMO intends to continue its acquisition strategy to expand the group in the coming years, supported by private equity house Key Capital Partners (KCP) who advised on the transaction.
CMOStores.com has experienced a sustained period of growth since it secured investment of £8.65 million from KCP in 2017. The business now offers consumers over 75,000 building products at competitive prices and supported by a market leading customer service offering. This latest deal signals its intention to continue to increase revenue and market share through both organic growth and acquisitions, with the ambition of being the UK’s largest online retailer of construction and home improvement products.
Following the acquisition, Ipswich-based Total Tiles will continue to be led by incumbent managing director Andy Moore, with the company poised to remain on the strong growth trajectory which saw it named on The Sunday Times Virgin Atlantic Fast Track 100 list last year.
CMOstores.com’s managing director, Sue Packer, said: “We are very pleased to have completed this latest acquisition, which supports our growth ambitions by expanding our presence in the burgeoning home improvement sector. We are excited to work with Andy to support the continued success of the CMOStores Group and Total Tiles in 2021 and beyond.”
Andy Moore, managing director of Total Tiles, added: “I’m looking forward to taking Total Tiles from strength to strength with CMO’s considerable backing and assistance. We have already achieved a great deal with Total Tiles, successfully growing our revenue, and going forward we plan to use this platform to build on our success in the future.”
Key Capital Partners’ investment partner, James Excell, said: “We are very happy to have assisted CMO with its second acquisition, and to be welcoming Total Tiles into the group. The acquisition underlines our ambition for the CMOStores Group and demonstrates the company’s commitment to increasing its value and market share.”
CMOstores.com was advised by Sean Fitzgerald, Rachel Clarkson and Hollie Wash from Ward Hadaway. Total Tiles was advised by Birketts, with partner Mark Pinder and legal director Nick Burt leading the acquisition, with support from solicitors Grace Shek and Simona Gruodyte and secretary Gabriella Szabo (corporate). Debt facilities were provided by incumbent Clydesdale and Yorkshire Bank, who supported KCP’s original investment in 2017.