Bathroom giant splashes out on £4.8m kitchen designer
A BARNSLEY kitchen designer has been bought up in a £4.8m deal.
Bathroom giant Norcros, based in Cheshire, has acquired Abode Home Products, a privately-owned business held by managing director Darren Holliday and Swiss firm Croneta S.A.
£3.9m of the sum has been settled in cash, with £900,000 payable in the year to 31 March 2019.
Abode is a niche designer and distributor of high quality kitchen taps, bathroom taps, and kitchen sinks.
The South Yorkshire firm employs 21 people, and they, as well as MD Mr Holliday will be staying with the business following the acquisition.
Norcros turned over £118.7m in the half year to 30 September 2015, the business is aiming for revenue growth up to £420m by 2018, and has been on the lookout for strategic acquisitions, buying rival Croydex in June 2015.
Jim Whittaker and James Atkinson of RSM Corporate Finance advised the vendors of Abode.
John Hamer and Ed Brown of Walker Morris provided legal advice to Abode. Norcros plc were advised by George Danczak at Addleshaw Goddard and Sarah Cumming at BDO provided financial due diligence.
John Hamer who led the Walker Morris team said:”Abode is a fantastic Yorkshire based business with great product design and service which has resulted in driving its success to date.
“Darren has grown the business significantly since its inception in 2002 and this deal is a tremendous outcome for Abode.”
Jim Whittaker from RSM Corporate Finance commented: “It has been a pleasure to work with the shareholders of Abode on this transaction. Abode is a quality business and we wish Darren all the best during the next exciting stage of development.”
