Marketing group McPherson’s has acquired shoe and footcare products manufacturer Footcare International.
McPherson’s was founded in 1860 and remains one of the country’s largest marketing companies for non-electrical homewares in Australia and New Zealand, and owns the Manicare, Stanley Rogers and Wiltshire brands, among several others.
In a statement, the ASX-listed McPherson’s said the acquisition is set to add sales of about $9 million a year.
“Footcare International is experiencing solid growth and further diversifies McPherson’s personal care business through entry into a new category and a wider network of retailers,” McPherson’s managing director Paul Maguire said.
“Projected synergies from this acquisition will complement the many other productivity initiatives currently being pursued at McPherson’s.”
Footcare International was founded in 1914, and remains a family-owned business – managing director Barry Kearney has remained at its head for 34 years. It supplies to major suppliers and department stores including Big W, Kmart and Payless Shoes.
The company’s products include insoles for shoes, shoe polish and products that stop foot odour.
Footcare International also distributes products to the United States, south-east Asia, Europe and Russia.
McPherson’s also said it’s looking for more acquisition possibilities.
The purchase of Footcare International is the latest in the recent flurry of acquisitions activity in the SME market.