By Ian McConnell
Edinburgh-based Grant Westfield, which designs, manufactures and supplies waterproof bathroom panels, is being acquired by Norcros in an £80 million deal.
Grant Westfield was founded in 1881 and manufactures more than 8,000 panels each week sold under the Multi-panel brand. Its manufacturing operation is in Edinburgh.
Bathroom and kitchen products supplier Norcros noted Grant Westfield’s “established relationships with merchants, independent retailers and buying groups” and “experienced management with strong track record of delivering consistent growth”.
It flagged “Grant Westfield’s offering of a leading, differentiated and premium product in the attractive and fast growing bathroom wall panel sub-sector” as being part of the strategic rationale for the deal.
Norcros also cited Grant Westfield's "strong growth prospects including its ongoing market penetration based on attraction of bathroom wall panels and scope to increase exposure to UK new housing, modular and DIY (do-it-yourself) channels" and "attractive returns from a profitable and cash-generative business with a proven track record for organic growth".
It said the business being acquired would be complementary to its existing portfolio of products and brands, comprising Triton, Merlyn, Vado, and Croydex.
Norcros is based in Wilmslow, Cheshire and employs around 2,200 people.
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