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(Sharecast News) - Titon Holdings said on Monday that it had acquired G-Pack Manufacturing, a designer and seller of injection moulded components for the UK window and door hardware sector, for 1m.
The AIM-traded company said the consideration comprised 0.9m paid to G-Pack's owners, Steven and Diane Barnes, on completion on 29 May, with a further 0.1m held in escrow and due to be released 12 months after completion.
Titon also made an additional 0.2m payment in respect of excess working capital, which it said was expected to be covered by the cash inherited at completion.
The acquisition is being funded from Titon's existing cash resources and is expected to make a positive contribution to earnings in the first full financial year after completion.
G-Pack supplies injection moulded plastic components used in the installation of windows and doors in the UK, including bridge packers, flat packers, sill end caps, frame corner protectors and related installation accessories.
Titon said the company had long-term relationships with fabricators, and that its products were designed to integrate with major UK window system profiles.
For the year ended 30 November 2025, G-Pack generated revenue of 1.3m, profit before tax of about 0.18m and EBITDA of about 0.19m. It had net assets of 0.3m at the year-end.
Titon said the deal would broaden its product offering and customer base, with opportunities for selective cross-selling over time.
It said the main operational efficiencies were expected to come from transferring manufacturing from G-Pack's current third-party partner to Titon's in-house facility.
Subject to delivering planned operational synergies over the first 36 months after completion, Titon said the effective EV-to-EBITDA acquisition multiple was expected to fall to below 2.5 times.
Steven Barnes will remain involved with the business for up to two years to support the integration of G-Pack into Titon's commercial and operational structure.
"The acquisition of G-Pack represents another important step in delivering our Titon 2028 strategy," said chief executive officer Tom Carpenter.
"It adds a complementary product range to our window and door hardware business, supported by an adjacent customer base.
"We expect to bring currently outsourced production into our Haverhill facility, improving margins and the utilisation of our existing injection moulding capability."
Carpenter said G-Pack was a well-established and profitable business with a clear strategic fit, adding that the acquisition was expected to strengthen Titon's Window and Door Hardware division and make a meaningful contribution to the group as integration progresses.
At 1400 BST, shares in Titon Holdings were up 4% at 78p.
Reporting by Josh White for Sharecast.com.
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