Shropshire fishing tackle firm is bought by American rival
Telford-based fishing tackle manufacturer Preston Innovations has been bought by a United States rival.
Preston, of Highbridge Court, Stafford Park, had been put up for sale in April. Zebco Brands has now snapped it up for an undisclosed sum.
Preston Innovations, whose rods, poles and reels are used by top anglers including several world champions, also has a growing presence in the coarse, carp and bait segments of the market with its brands Korum, Avid Carp and Sonubaits.
The business, which has annual turnover of more than £17 million, is growing rapidly on the back of strong growth in Europe including through Primo, its Dutch distribution business.
Preston, which is celebrating 30 years in business this year, employs 75 at Stafford Park and about 10 at its site in Holland.
Zebco, based in Oklahoma, is the fishing tackle business of Georgia-headquartered WC Bradley Co group, a multi-brand supplier of high quality consumer goods focused on the home and leisure lifestyle markets.
Zebco had been looking for some time to add to its European business and the strong fit between the two businesses was a key factor in bringing the deal together.
David Preston, founder and sole shareholder in Prestons, said: "I am extremely proud of the business we have built, but felt we had reached a size and complexity which were better suited to a new owner who could exploit the clear growth potential of Prestons in Europe and beyond.
"Zebco is a strong international player which has a desire to expand the business in the UK and Europe and which has access to the capital to realise the potential in the business."
Jeff Pontius, the President of Zebco's worldwide business said: "I am pleased that David chose us to continue building the Prestons brands. We have been looking to expand in Europe, and in particular have been looking for a premier player in the match and carp segments. We see enough size and diversity in the European market place to allow both businesses to continue growing. They are generally complementary with different brands and geographic strengths. The team at Prestons has a lot of passion for building their brands and we will be there to support that growth."
