Grant Westfield acquired by Norcros in £80m deal
Edinburgh bathroom panel manufacturer Grant Westfield has been acquired by Norcros in a deal with an enterprise value of £80 million.
There is provision for an additional £12m pay-out if certain performance criteria are achieved.
Norcros said the acquisition is expected to be “double digit earnings enhancing” in the first full financial year post completion.
The deal will be funded by its debt facilities and the proceeds of a proposed placing of new ordinary shares in the company, to raise approximately £18m.
Grant Westfield, which was founded in 1881, has a share of about 12% of the UK bathroom wall coverings market and approximately 40% of the UK bathroom shower and panel market.
Norcros, a 2,200-employee bathrooms and kitchen products supplier headquartered in Wilmslow, Cheshire, said the deal will expand Grant Westfield’s geographic spread across the UK and into Europe.
Norcros chief executive Nick Kelsall said Grant Westfield was a “compelling addition to the group”, adding that “Grant Westfield’s focus on design, new product development and its standard of customer service will significantly enhance the group’s portfolio.”
Grant Westfield managing director, Sarah Law, said: “We are excited to be joining the Norcros family. This represents an exciting opportunity to accelerate our successful strategic growth plan in the UK and internationally through new products and market penetration.”
Grant Westfield can trace its roots to the late 19th century and over the years has supplied a wide range of customers, from Whyte & Mackay whisky distillers to the RAF for Spitfire planes. It adopted its current name in 1972. In 2018 it launched a range of products with TV interior designer Linda Barker.