REG - Norcros PLC - Completion of Acquisition of Fibo Holding AS

NorcrosAnnouncement

Mon 07:30

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RNS Number : 0793D  Norcros PLC  13 October 2025

 

13 October 2025

 

 

CMA APPROVAL AND COMPLETION OF ACQUISITION OF FIBO HOLDING AS (NORWAY)

 

 

Further to the announcement on 15 July 2025, Norcros plc, the number one
bathroom products business in the UK and Ireland ("Norcros" or the "Company"),
is pleased to confirm that the UK Competition and Markets Authority ("CMA")
has today formally issued unconditional clearance in relation to the
acquisition of Fibo Holding AS ("Fibo"), a leading supplier of high quality
waterproof decorative wall panels based in Norway (the "Acquisition").

 

Consequently, the Company will today complete the Acquisition and Fibo will
become part of the Norcros group.

 

Transaction highlights:

·    The Acquisition brings another market leading brand into the Company
and will create a leading presence in waterproof wall coverings markets across
the UK&I, Scandinavia and Central Europe. Waterproof decorative wall
panels are an attractive, high-growth market segment where the Company already
has existing operations in the UK&I through Grant Westfield (acquired in
2022).

·    For the financial year ended 31 December 2024, the Fibo group
reported net sales of NOK 856.3m (c. £63m) and EBITDA of NOK 100.0m (c.
£7.3m), with c. 70% sales from mainland Europe (with key positions in
Scandinavia and Central Europe) and c. 30% from the UK.

·    Once integrated under Norcros's ownership, we expect Fibo, under the
current experienced management team, to benefit from our proven scale-based
growth accelerators and operational efficiencies, augmenting Fibo's strong
geographic growth plan.

·    Aligned with our strategy to expand geographically, Fibo will also
provide an important platform from which to grow our mid-premium brands across
the region.

·   The Acquisition will be materially earnings accretive in the first
full year of ownership. The acquired business has traded strongly through
2025, with year-to-date results delivering revenue and profit growth on the
prior year.

 

Transaction structure and financing

·    Norcros is paying £46m (NOK 618m) for the entire issued share
capital of Fibo.

·    The Acquisition will be financed using proceeds of the Company's
existing £130 million revolving credit facility. Leverage (see note 2), which
was c. 0.8x at 31 March 2025, is expected to be in the region of c. 1.6x on a
proforma basis.

 

 

 

Thomas Willcocks, Chief Executive Officer of Norcros, commented:

"We are delighted that the transaction has cleared this final regulatory
hurdle and can now be completed. This strategically compelling acquisition
will give Norcros a strong platform to accelerate our geographic expansion
across Scandinavia and Central Europe for both Fibo and our existing brands.
We welcome our new Fibo colleagues to the Norcros team and we are looking
forward to working together on our shared growth plans for the region."

 

Other information:

 

·    For further information about the Acquisition, please refer to the
Company's announcement on 15 July 2025.

·    The Company will release its scheduled trading update on 16 October
2025 for the 27 weeks to 5 October 2025 period.

 

 

Notes:

1.   Based on an NOK:£ exchange rate of 13.49:1 being the closing rate as
at 10 October 2025

2.   Leverage defined as net debt divided by underlying EBITDA (excl. IFRS16
liabilities)

 

 

For further information

 Norcros plc                                Tel: 01625 547700
 Thomas Willcocks, Chief Executive Officer
 James Eyre, Chief Financial Officer

 Hudson Sandler                             Tel: 0207 796 4133
 Nick Lyon

 Josh Hayler

 

About Norcros

Norcros is a market leading group of brands specialising in design led,
sustainable bathroom products across the UK, Ireland, South Africa, and select
export markets. Each of our brands offers mid-premium product ranges
distinguished by their innovation, design, and commitment to sustainability,
all backed by industry leading service to our trade and retail customers.

 

Through a strategic blend of acquisitions and organic growth, Norcros has
become the UK and Ireland's number one bathroom products group. We see
significant potential for further expansion within this large and fragmented
market, accelerating growth and capturing market share through continued
acquisitions, organic development, operational excellence, and meaningful ESG
capabilities.

 

Norcros encompasses the renowned brands, Triton, Merlyn, Grant Westfield,
Vado, Croydex, and Abode in the UK, and Tile Africa, TAL, and House of
Plumbing in South Africa.

 

Norcros is headquartered in Wilmslow, Cheshire and employs around 1,900
people. The Company is listed on the London Stock Exchange. For further
information please visit the Company website: http://www.norcros.com
(http://www.norcros.com)

Forward looking statements

This announcement contains statements that are, or are deemed to be,
forward-looking statements. In some instances, forward-looking statements can
be identified by the use of terms such as "projects", "forecasts", "on track",
"anticipates", "expects", "believes", "intends", "may", "will", or "should"
or, in each case, their negative or other variations or comparable
terminology. Forward-looking statements are subject to a number of known and
unknown risks and uncertainties that may cause actual results and events to
differ materially from those expressed in or implied by such forward-looking
statements, including, but not limited to: general economic and business
conditions; demand for the Company's products and services; competitive
factors in the industries in which the Company operates; exchange rate
fluctuations; legislative, fiscal and regulatory developments; political
risks; terrorism, acts of war and pandemics; changes in law and legal
interpretations; and the impact of technological change. Forward-looking
statements speak only as of the date of such statements and, except as
required by applicable law, the Company undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.

Important Notices

The information contained in this announcement is inside information as
stipulated under the UK Market Abuse Regulation. Upon publication of this
announcement, this inside information is now considered to be in the public
domain. The information contained in this announcement is for information
purposes only and does not purport to be complete. The information in this
announcement is subject to change.

 

 

 

 

 

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