UK-Based Tissue Converter Accrol Completes Takeover of Leicester Tissue Company

Following the announcement made by the company on November 23, Accrol Group Holdings, a leading independent tissue converter in the UK, has announced that the final condition has now been satisfied and the acquisition has now completed.

Dan Wright, executive chairman of Accrol, said: "We are delighted to announce the completion of this, our first acquisition. LTC fulfils all our selective M&A criteria. It's well-invested; it's ideally located, in central England; it has strong day-to-day management team; and its product mix and customer base are highly complementary to our existing business.

"The acquisition is immediately earnings enhancing and takes our share of the £1.7bn UK tissue market to c.16 percent. Importantly, it represents another milestone on our journey to build a world-class, operationally efficient business of size and scale, which delivers substantial returns to shareholders through organic and acquisitive growth. I would like to thank our existing and new shareholders for their support and confidence in our team and look forward to updating everyone on the progress of the integration in due course.

"On behalf of the team at Accrol, I welcome everyone at LTC to the Group and look forward to an exciting future working together."

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