Bathroom supplier Norcros has acquired sinks and taps specialist Abode Home Products for £4.8 million.
The payment consists of £3.9m in cash plus an extra £900,000 payable by March 2019.
Norcros has bought the Barnsley-based company from Abode managing director Darren Holliday (pictured right) and Swiss company Croneta.
Norcros has a growth strategy to increase revenue to £420m by 2018 and the acquisition follows the successful integration of the Vado and Croydex brands, which Norcros acquired in March 2013 and June 2015 respectively.
Commenting on the deal, Holliday said: “This transaction marks a new and exciting chapter for the Abode business and I am confident that being part of Norcros will enable us to accelerate the strong progress we have made over the past few years.
“We will continue to operate autonomously under the Abode banner and work with our existing customer base. Our business has strong customer relationships and a market position in both the UK branded and own label segments and our leading-edge product design, quality, technical innovation and service have been some of the key drivers of our success to date and will take us forward with Norcros to widen our horizons, which is an exciting prospect.”
Norcros is based in Wilmslow, Cheshire, and employs around 180 people. Its brands also include Triton Showers, Johnson Tiles and Norcros Adhesives.
Commenting on the acquisition, Norcros group chief executive Nick Kelsall (pictured left) said: “The Abode business is an excellent strategic fit with our current portfolio, broadening the group’s product offer, as well as providing a number of opportunities to drive revenue and procurement synergies. I look forward to working with Darren and the team to further grow and develop the business.”