Edinburgh bathroom firm bought by English rival for up to £92m

The bathroom supplies group behind the Triton and Johnson Tiles brands has agreed to acquire Edinburgh-based rival Grant Westfield in a deal that could be worth up to £92million.

Shower and tile maker Norcros is set to buy Granfit Holdings for an enterprise value of £80million, with an additional payment of £12million subject to certain performance criteria.

Grant Westfield is a designer, manufacturer and supplier of waterproof bathroom wall panels in the UK, founded in 1881.

Norcros is headquartered in Wilmslow, Cheshire, and employs around 2,200 people. He said the acquisition is expected to be “double-digit earnings improvement” in the first full year after completion.

The deal will be funded through its credit facilities and the proceeds of a proposed placement of new ordinary shares in the company, aiming to raise approximately £18 million.

For 2021, Grant Westfield reported revenue of £42.2m, down from £32.3m in 2020, and adjusted profit of £10.1m, down from £6.5m of pounds sterling.

Norcros Managing Director 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, expanding our product offering from bathroom.

“Grant Westfield’s focus on design, new product development and its level of customer service will significantly enhance the group’s portfolio.

“I look forward to working with Grant Westfield’s Managing Director, Sarah Law, and her team as we work together on the next phase of growth.”

Law added: “There are clear opportunities for growth together and, as the market leader in waterproof panels, our Multipanel brand will be very much at home alongside 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.”

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