Grant westfield multipanel wakefield1/26/2024 of the estimated £330 million market in 2021. The UK bathroom and shower panel market is a growing segment of the broader UK bathroom wall coverings market, which the Board believes represented approximately 30 per cent. Ability to leverage Norcros’ expertise to drive operational efficiency gains.Increased capability to leverage the Group’s products into new housing and modular markets.Broadens the Group product portfolio towards the aim of providing a ‘one stop shop’ for bathrooms across Norcros’ existing distribution channels.Complementary to the Group’s existing portfolio of products and brands, represents a rare opportunity to add a growing, market leading, profitable, UK focused and well positioned business to its existing portfolio.The acquisition is consistent with Norcros’ strategy to expand its bathroom product offer: Norcros Plc and Numis have entered into a sponsor and placing agreement with respect to the Placing and the Acquisition. Numis Securities Limited is acting as sole bookrunner in connection with the Placing. The placing is being conducted through an accelerated bookbuilding process. The placing will partially fund the acquisition and also ensure that the Group maintains a strong balance sheet to continue to pursue its organic and acquisitive growth strategy. The acquisition will be funded from the Company’s debt facilities and the proceeds of a proposed placing of new ordinary shares in the company, to raise approximately £18 million. The acquisition is expected to be double digit earnings enhancing in the first full financial year post completion of the transaction. ![]() Grant Westfield is a market leading designer, manufacturer and supplier of waterproof bathroom wall panels in the UK. LONDON, UK: Norcros Plc, a market leading supplier of high quality and innovative bathroom and kitchen products, has conditionally agreed to acquire Granfit Westfield for an enterprise value of £80 million with an additional potential earnout of up to £12 million based on certain performance criteria.
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