Wilmslow-based bathroom products manufacturer Norcros has received approval from the Competition and Markets Authority (CMA) for its £46m acquisition of a Norwegian waterproof wall coverings firm. The takeover, initially announced in July, marks a key step in Norcros's strategy to expand its presence across Scandinavia and Central Europe.
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The deal adds another market-leading brand to Norcros's portfolio, along with acquiring Fibo now, it is also complemented by its 2022 purchase of Grant Westfield. Combined, the two businesses are expected to generate over £100m in annual revenues, amid declining demand for traditional bathroom tiles.
For 2024, Fibo reported net sales of £63m and EBITDA of £7.3m, with around 70% of its revenue from mainland Europe and 30% from the UK. Norcros anticipates that Fibo will benefit from its scale-based efficiencies and growth accelerators, while maintaining its existing management team.
Funded through Norcros's £130m revolving credit facility, the acquisition is expected to be materially earnings accretive in its first full year. Chief executive Thomas Willcocks said the deal is 'strategically compelling' and will strengthen Norcros's platform for regional expansion and collaboration with its new Fibo colleagues.
Source: www.thebusinessdesk.com
