Mon, 11 Nov 2024 | BUSINESS SALE
Hot tub maker Superior Wellness has bought the trading operations of Portugal-based counterpart Portcril.
Chesterfield-based Superior Wellness, founded in 2011 out of the bedroom of now managing director Rob Carlin, makes and distributes hot tubs and wellness products including swim spas and chill tubs.
With a network of over 500 partners, Superior Wellness is known for brands like Platinum Spas, AquaSolus, HEKLA, and Chill Tubs. It is Europe’s largest hot tub manufacturer.
It recently invested in a new 130,000 sq. ft headquarters with warehouse and showroom with the capacity to stock up to 3,000 spas. It also has three third-party logistics facilities in the Netherlands and the US.
Portcril, based in Arcozelo and with a manufacturing plant in Porto, makes a range of spas, saunas and mini pools.
Superior Wellness said the acquisition of Portcril would help its international expansion plans and ‘bring quality wellness products to a broader market’.
All 44 employees at Portcril will keep their roles, with the company continuing to fulfil existing orders. Past warranties will also be honoured and supported through Superior Wellness’s systems.
Carlin said: “Portcril has a strong legacy in the hot tub industry, and we look forward to working closely with José and Diogo, from the founding family and current Executive Directors of Portcril, to build on their success. This acquisition not only strengthens our product portfolio but also allows us to continue delivering exceptional products and services to our customers, with the addition of a European production facility and operating base to our global network of manufacturing and operational facilities.”
José and Diogo Teixeira, the executive directors of Portcril, added: “Joining forces with Superior Wellness is an exceptional next step for us. We are confident that this partnership will allow Portcril to thrive for many more decades.”
In its last annual accounts to the year ending April 30, 2023, Superior Wellness recorded a turnover of £17.1 million, down from £57.2 million the previous year. It blamed a cooling demand for hot tubs as the Covid pandemic and travel restrictions eased.
However, the group said it remained committed to its long-term growth plans. The Wellness sector continues to boom as people choose to spend cash on their health, wellbeing and mindfulness.
According to McKinsey & Co the market is worth $1.5 trillion with an annual growth rate of 5 to 10 per cent.
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