Cooker manufacturer Waterford Stanley has been bought by Aga Foodservice Group in a deal worth up to €13.8 million.

Aga has acquired Waterford Stanley from US venture capital company Pricoa Capital and Michael Laffan, the company's managing director.

Pricoa became involved with Waterford Stanley in late 2000 when Mr Laffan and then joint managing director Gerry Currid led a €21 million management buy-in at the firm.

Mr Currid sold his stake in 2003, leaving Pricoa with 80 per cent of the company and Mr Laffan with the remainder.

Mr Laffan acquired his 20 per cent stake for about €4 million in 2000. Under the deal announced yesterday, it will have been valued at a maximum of €2.76 million.

The sale will see the Waterford Stanley brand being integrated into the Aga group, which already houses brands such as Rayburn, Marvel, Rangemaster and La Cornue, as well as Aga itself.

The Waterford-based company's 170 staff are likely to be retained by Aga under the transaction, with Mr Laffan to stay on as managing director.

Waterford Stanley has passed through a sometimes-painful restructuring over the past few years that involved staff numbers being cut by nearly 70 per cent in an attempt to reduce costs.

In 2001, the firm launched a new contemporary range of stainless steel cookers.

It returned to the black last year by posting a profit of €1.35 million on turnover of €27 million.

The company's primary market is the Republic but it also sells into Europe, North America, Australia and New Zealand.

Mr Laffan said yesterday that the Aga acquisition would open up new opportunities for Waterford Stanley in product development and technology transfer.

"There is huge synergy between our two companies and Aga's acquisition of Waterford Stanley will help us to further develop our position in the marketplace and drive the business forward," said Mr Laffan.

William McGrath, chief executive of Aga, said the addition of Waterford Stanley to his company's stable would mean a "tremendous product offering for Ireland".

"Stanley is a great Irish brand and will benefit from our commitment to product development," Mr McGrath said.

Waterford Stanley was founded more than a century ago and, over recent decades, has been positioned mainly at the luxury end of the cooker market.

Aga had sales in 2004 of £435 million (€644 million). The company employs over 5,000 people worldwide.