Edinburgh-based bathroom wall panel designer Grant Westfield has agreed to be acquired by Wilmslow-based Norcros for an enterprise value of £80 million, with an additional potential earnout of up to £12 million based on certain performance criteria.
Grant Westfield had revenue of £42.2 million in 2021 and has a market share of 12% of the UK bathroom wall coverings market and 40% of the UK bathroom shower and panel market.
Grant Westfield managing director Sarah Law said: “We are excited to be joining the Norcros family.
“There are clear opportunities to grow together and, as a leader in the waterproof panel market, our Multipanel brand will be very much at home with their existing bathroom brands.
“This represents an exciting opportunity to accelerate our successful strategic growth plan in the UK and internationally through new products and market penetration.”
Norcros CEO Nick Kelsall said: “The acquisition of Grant Westfield with its premium Multipanel brand and market leading position is a strategically compelling addition to the group, broadening our bathroom product offer.
“Grant Westfield’s focus on design, new product development and its standard of customer service will significantly enhance the group’s portfolio.
“I am looking forward to working with the Grant Westfield Managing Director, Sarah Law, and her team as we work together on the next phase of growth.’