The Wilmslow-based bathroom products group, Norcros, has completed its £46 million acquisition of Norwegian wall coverings specialist Fibo Holding AS, following approval from the UK Competition and Markets Authority.
Fibo brings with it a strong foothold in waterproof wall panels, an area gaining steady traction as a practical, design-led alternative to traditional tiling. Its customer base spans both residential refurbishment and commercial interiors, aligning naturally with Norcros’s long-standing position in showers, taps, and bathroom fittings.
The financial logic is equally clear. The £46 million consideration, funded from Norcros’s existing debt facilities, lifts group leverage to a moderate level while remaining comfortably within the company’s stated range. Fibo’s earnings profile is immediately accretive, and the two businesses share operational and distribution synergies that should begin to surface in the near term.
Around 70% of Fibo’s revenue comes from continental Europe, with the remainder largely from the UK. That mix gives Norcros greater exposure to markets with different construction cycles and consumer dynamics, reducing its reliance on domestic demand.
Norcros plc (LON:NXR) is a leading B2B producer of branded bathroom and kitchen products for its UK, South African and selected export markets. The portfolio of eleven operating companies (6 UK, 2 South Africa) is characterised by strong individual brands, together providing product breadth and channel diversity from a strong supply chain base.
