The firm is confident to grow strongly in the following years through Merger & Acquisition (M&A) strategy after it has already taken over three companies during the past three years, ensuring that this year total revenue will be double compared to the total revenue last year.
Mr. Pimol Srivikorn, chairman of Thailand Carpet Manufacturing PLC – a manufacturer of brand name carpet under the name “Tai Ping" and “RoyalThai” for domestic & export markets, said that the company has taken over DM Midlands (DMM), the British’s leading furniture manufacturer and distributor, with an investment value of Bt1.6 billion. As a result, the TCMC will be the major shareholder for DMM, with having 75 per cent stakes, while two British partners Mr.David (Jame) Lee and Mr. Mark (Alexander) Smith will hold 12.5 per cent share for each shareholder.
The joint venture will be completed on November 1 as subject to the shareholders’ approval after the meeting on October 25.
After the merging, TCMC will start recognizing the revenue from DMM in the fourth quarter of this year. As a result, total revenue is expected to double compared to the previous year. For next year, the firm is expected to double its revenue from this year's figure as DMM’s income is worth more than Bt3 billion each year (figure reported as of last year). If included income from Alstons, which the firm has acquired last year and earned total revenue of 30 million pound (Bt1.5 billion), and T.C.H. Suminoe, a fabric and carpet manufacturer in the field of automotive industry locally and globally, and this deal, the company’s income will aggressive growth during the past four years after adopting the M&A strategy.
“With strong financial status, TCMC is prompted to move forward, create profit for our shareholders, and drive the growth sustainable. Due to the previous acquisition, we realize that we have come in the right path. If we find out other interesting deals, we are ready to make more acquisitions that can be beneficial for our existing business or give us a chance to diversify into other attractive businesses with no restriction on type of business or beyond frontier. The company will emphasize on businesses that create development to our businesses as well as can support the country’s growth,” Pimol said, adding that after the merging, TCMC will help support DMM growth, in particular on the marketing side to penetrate Asia-Pacific region, as well as help supply and source of raw material supplies ensuring that we will become a strong strategic partners and grow together.
Mr. David Lee, Chief Executive Officer and Co-Founder of DM Midlands, said “This is an exciting and very positive development as we enter the next phase of our highly successful business. The partnership with TCMC is a great fit for us and both parties share the same values andsimilar cultures and means genuine long term investment and expansion which is great news for allthose associated with us.”
He said the company has delighted to the achievement of the deal. TCMC will be trust strategic partner to DMM in the following steps. The merger should help strengthen the company’s growth and support the development in both products and marketing strategies. The company’s products should become a well-known global brand, not only in the United Kingdom.
“We do hope DMM and TCMC will tighten cooperation and bringing the growth sustainable and significantly in the following steps,” he said.
Mr. Mark Smith, design director of DM Midlands, said TCMC’s investment is a testament to the greater progress of DMM and expected to see development after the merger. The company has foreseen TCMC’s good intention to cooperate in develop products and expand markets, as well as promote design and help source of quality raw material supports. The firm is looking forward to forge a closer relationship between each other and to accelerate DMM’s growth and development.”
DM Midlands Group is the UK’s based and leading furniture manufacturer and distributor. The group consists of Ashley Manor, AMX Design, and Alexander & James (A&J). Ashley Manor produces high quality UK furniture and wasestablished in 1993 by David Lee and John Collinson who later retired in 2008. Mark Smith joinedthe business in 1999. They founded AMX Design in 2001 in response to the growing popularity ofleather furniture in the UK. Alexander & James was founded in 2012 and is a boutique brand witha focus on quality and comfort, producing premium sofas. The company would like to promote A&J brand to the upper markets worldwide including Thailand and Asia-Pacific markets. A&J brand has focused on design and man-made workforce with high value added. Products under the brand have already sold in many countries such as China, Australia, the United States, and countries in the Middle East.
 set to double its revenue next year, after merging with DMM (DM Midlands), one of leading furniture manufacturers in the United Kingdom.){kind=link}