UK based Tarsus Group has conditionally decided to acquire 65 per cent of Foshan Huaxia Home Textile Development that owns the home furnishing expo Hometex, a bi-annual home textiles exhibition in China. The group has acquired the stake from Guangdong Home Textile Association and other association members.
Tarsus Group will acquire the 65 per cent stake in Foshun Huaxia for an estimated cash consideration of approximately £19.3 million. The remaining 35 per cent stake in Foshan Huaxia will continue to be held by the Guangdong Home Textile Association and association members, who are also exhibitors at the events.
Hometex, which was launched in 1997, takes place twice a year in spring and autumn in Shenzhen. The next edition of the event is scheduled to be held in March 2017.
The Hometex brand has strong industry backing with one of the original shareholders being the Guangdong Home Textile Association, while the Chinese Chamber of Commerce for textiles also has a long-term partnership with Hometex.