Strix, the Ronaldsway-based company that designs, makes and supplies kettle safety controls, has spent £38 million to buy an Australian company.

Billie supplies what Strix says are ‘premium filtered and non-filtered instant boiling, chilled and sparkling water systems’.

Strix says the deal will help it make more money and develop more products.

Billi currently focusing on water filtration, a reduction in single-use plastics and a reducing energy consumption from heating water which is aligned with Strix’s sustainability goals.

It will add products in the high growth and hot tap market – which makes kettles redundant.

Strix’s bosses say the acquisition brings the opportunity for further growth driven by increased residential sales, new product development particularly in sparkling water, selling Billi’s products in more countries through Strix’s global footprint and cross selling Strix products into commercial applications and growing aftermarket sales.

Strix manufactures some of its products in China.

The company says there will also be efficiencies across Billi’s products by using Strix’s Chinese operation to improve procurement, using Strix filters in Billi products, consolidating the marketing group and ‘rationalising the store estate’.

The money for the acquisition comes through a new-term loan and Strix has also announced a £10m equity release in conjunction with this.

The key members of the management of Billi will remain in place and participate in the Strix Group long term incentive plan.

Mark Bartlett, chief executive of Strix Group, said: ‘We are delighted to enter this agreement to acquire Billi, a leading multifunctional taps manufacturer and distributor.

‘Billi accelerates our strategy within our water and appliances categories which is core to Strix’s five-year plan.

‘We look forward to welcoming the Billi team to the Strix Group and working together to grow our combined businesses.’