Keter UK has a £45m UK turnover. it was founded in Israel in 1948 and specialises in outdoor storage and other resin-based consumer and garden products. It hopes to get more into the garden centre market through the acquisition.
Keter is in more than 90 countries worldwide. In 2016, the private equity firm BC Partners bought 80% of Keter for 1.36 billion dollars.
Stewart is the UK brand leader in the gardening grow-your-own sector, decorative planter’s category and a supplier of professional quality catering products to commercial kitchens, food retail and hospitality sectors. Based in Banbury, Stewart is in many UK garden centres, with a total distribution of 1,600 outlets across the UK.
Keter Europe head Lee Mellor said: "As a combined company, we will have the resources and capability to provide our customers with an unmatched offer, consisting of an innovative product portfolio, a stable of enviable market leading brands, and a service promise that will be strengthened by our extended manufacturing footprint and enhanced supply chain capabilities into the garden centre channel.
Stewart managing director Andy Burns, the remaining director at the company, said: "We are excited to become a part of the highly respected Keter organisation, it creates significant growth opportunities for Stewart. Together, we have the capability to accelerate our market leading presence in our core garden and catering categories through greater product innovation and access to resources that come from being a part of a global organisation."
Both businesses will continue to be managed by their current leadership teams.
Clearwater International advised Stewart Group on the sale, led by Partner and International Head of Consumer Gareth Iley, with support from Senior Associate Mark Gillingham and Associates Haseeb Shah and Louise Hooper.