Thu, 12 May 2022 | BUSINESS SALE
Bathroom and kitchen products firm Norcros has agreed a deal to acquire Edinburgh-based bathroom wall panel business Grant Westfield for up to £92 million. The deal will have an initial enterprise value of £80 million, with a further £12 million available as an earnout depending on Grant Westfield’s performance.
The potential £92 million value would represent approximately a 9.1x multiple of Grant Westfield’s £10.1 million adjusted EBITDA for 2021, generated on revenue of £42.2 million. The previous year, the company’s turnover was £32.3 million, with EBITDA of £6.5 million.
Founded over 100 years ago, Grant Westfield designs, manufactures and supplies waterproof bathroom wall panelling. The company owns the Multipanel brand of bathroom panels and is estimated to have a market share of around 12 per cent in the UK’s bathroom wall coverings sector and around 40 per cent of the market for bathroom and shower panels.
The deal will be funded via Norcros’ debt facilities, as well as the proceeds of a proposed placing which will look to raise around £18 million. Through the acquisition, Norcros will acquire Grant Westfield and its parent company Granfit Holdings Ltd.
Norcros has said it sees opportunities to expand the target company in domestic and overseas markets, as well as through DIY suppliers and social housing. Norcros hopes to complete the deal by the end of this month and expects the acquisition to be double digit earnings enhancing in its first full financial year.
Nick Kelsall, CEO of Norcros, said: "The acquisition of Grant Westfield with its premium Multipanel brand and market leading position is a strategically compelling addition to the group, broadening our bathroom product offer. Grant Westfield's focus on design, new product development and its standard of customer service will significantly enhance the group's portfolio.”
Grant Westfield Managing Director Sarah Law added: "This represents an exciting opportunity to accelerate our successful strategic growth plan in the UK and internationally through new products and market penetration."
Find businesses for sale here.
If you are looking for an exit, we can help!
With a enviable client base of major PLCs and SMEs across precision sectors, this diverse business generates revenue from multiple services. These include the design and manufacture of custom-built laser processing machines, a range of standard works...
LEASEHOLD
The company is renowned for producing optimum quality rollers, including 'food grade' roller products. With the capacity to supply rollers in a wide range of colours, this business has a diverse client base providing regular repeat orders.
LEASEHOLD
A highly reputable and profitable manufacturer of exterior joinery schemes for gardens and landscapes, supplying high-quality, ready-made timber garden products.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.