A Black Country wholesaler of clothing and accessories has been acquired by a Swedish group in a £33 million deal.
Wednesbury-based BTC Activewear has been bought out by New Wave Group which specialises in acquiring and developing brands and products in the corporate, gifts and home furnishings sectors.
BTC Activewear was formed in 2000 through a merger of three businesses and has its distribution centre and head office at junction nine of the M6 from where it sells casual and work clothing, sportswear, headwear, luggage and bags.
The company is one of the UK's largest wholesale distributors within its sector, offering around 50 international apparel brands including Nike, Regatta and Fruit of the Loom.
Last year, it posted revenue of £53 million and the deal will enable the introduction of New Wave Group's own brands to its portfolio. Co-founder and chief executive Stephen Pope who will continue in the role post-completion.
He said: "BTC Activewear will be able to grow and take further steps together with New Wave Group where the mix between our understanding of and position in the UK market and New Wave Group's experience and brands will be an unmatched combination.
"With a more comprehensive and improved customer offer, we will be able to reach new customers and compete in new areas. Of course, this will be beneficial to the business and also allows us to grow sales of our existing portfolio of brands."
Torsten Jansson, founder and chief executive of Gothenburg-based New Wave Group, added: "Through this acquisition, we establish New Wave Group as one of the main players on the UK market which of course feels great.
"In addition, we will add a very attractive and well-run company to our group as well as invaluable industry knowledge that will benefit all New Wave Group companies."
The Birmingham corporate team at international law firm Squire Patton Boggs advised New Wave Group on the deal.
Corporate partner Geoff Perry said: "We are pleased to support New Wave Group on this acquisition which will help further its aim to become Europe's leading sports wholesaler and supplier of corporate clothing. The group will benefit from BTC Activewear's strong presence in the UK while also expanding its product range and gaining access to new customers."
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