CMA Approves Norcros' Acquisition Of Fibo Holding AS

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."

Source : Norcros

Image : Norcros

For all the very latest news and intelligence on the UK's largest home improvement and garden retailers, sign up for the Insight DIY weekly newsletter.