Norcros, supplier of branded showers, taps, bathroom accessories, tiles and adhesives, has announced it has completed the acquisition of Croydex.
The Group, whose brands include Triton Showers, Vado, Johnson Tiles and Norcros Adhesives, purchased 100% of the share capital of Croydex Group Ltd for a total of £21.9m.
Norcros said the acquisition of the Hampshire based company is “an important next step in the Group’s growth strategy to increase revenue to £420m by 2018” and “follows on from the very successful integration of the Vado business which Norcros acquired in March 2013”.
Nick Kelsall, group chief executive, said: “The acquisition of Croydex is a compelling fit with our strategic growth criteria, broadening the Group’s product offer as well as providing a number of opportunities to drive revenue and procurement synergies.
“I have been impressed by the quality, energy and vision of the management team at Croydex and I look forward to working with them to further develop and grow the Croydex business.”
Nick McGrellis, managing director of Croydex added: “This transaction marks a new chapter in the history of the Croydex business which dates back over 90 years.
“I am confident that being part of Norcros will enable us to accelerate the strong progress we have made over the last few years.”