Hemas Holdings PLC acquired 75.1% of Atlas Axillia Co (Pvt) Ltd for a consideration of Rs. 5.7 billion. The existing shareholders of Atlas will retain a stake of 24.9% in the company post-acquisition.
Nirmal Madanayake, Managing Director of Atlas Axillia Co. said “Atlas Axillia is on a great journey of growth and we were keen to take our organisation to the next level. We went through a rigorous process to find the right partner, and we saw a great business and cultural fit with Hemas. Both our organisations have a rich history of bringing loved brands to Sri Lankan homes and have served the Sri Lankan consumer with high quality, affordable and innovative products. Both Atlas and Hemas have always felt that our most valuable asset is our team and we strive to empower the people in our organisation.”
“Hemas Holdings PLC is expanding its presence in the Sri Lankan consumer market by acquiring one of the most respected local brands with market leading positions for its notebooks, pens, pencils and colour products. Today’s consumers seek out premium, innovative and design-oriented products and Atlas has demonstrated its ability to do this repeatedly, resulting in its unique position as the most loved school and office brand” said Steven Enderby, Group Chief Executive Officer of Hemas Holdings PLC. A-Sec Capital (Pvt) Ltd, the investment banking affiliate of Asia Securities (Pvt) Ltd, acted as arranger and sole advisor to the seller on this transaction.
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