LONDON: In a strategic move to boost its presence in high-growth European bathroom segments, UK-based Norcros plc has announced its agreement to acquire the entire issued share capital of Norway’s Fibo Holding AS from private equity firm FSN Capital.
The transaction carries an enterprise value of NOK 618 million (approximately £45 million) and is subject to regulatory approval by the UK’s Competition and Markets Authority.
Founded in 1952 and headquartered in Lyngdal, Norway, Fibo is a renowned supplier of waterproof decorative wall panels. In FY2024, it reported net sales of NOK 856.3 million (c. £63 million) and EBITDA of NOK 100.0 million (c. £7.3 million), with nearly 70% of its sales stemming from mainland Europe and 30% from the UK. The company has seen continued growth in 2025 and will maintain autonomous operations under Norcros, with CEO Anders Carlson joining the group.
The acquisition is aligned with Norcros’ strategy to expand capital-light, scalable businesses in fast-growing product categories. Fibo’s strong footprint across Scandinavia and central Europe complements Norcros’ existing market presence, notably through its earlier acquisition of Grant Westfield in 2022. Combined, these businesses will represent a market-leading European division for waterproof wall coverings, with revenues exceeding £100 million.
Key highlights include:
- Synergies with Norcros’ growth accelerators and operational efficiencies.
- Potential for cross-selling broader bathroom products via Fibo’s distribution channels.
- Expected earnings accretion in the first full year of ownership.
- Leverage projected to rise temporarily to ~1.6x post-acquisition, funded via Norcros’ £130m credit facility, but anticipated to decline steadily due to robust cashflow conversion.
Finalization is contingent on CMA approval, expected within 3–4 months. A retention incentive of up to £3.5 million is earmarked for Carlson and key Fibo personnel. The acquisition provides a strong platform for regional growth and reflects shifting market preferences toward sustainable, durable wall panel solutions over traditional tiles.
Norcros CEO Thomas Willcocks emphasized the acquisition’s alignment with the company’s growth blueprint and praised Fibo’s leadership and sustainability credentials. Fibo CEO Anders Carlson echoed the excitement, highlighting the synergies and potential for scale under Norcros.