Norcros, the market leading supplier of innovative branded showers, taps, bathroom accessories, tiles and adhesives, has announced that it has acquired the entire issued share capital of Abode Home Products Ltd for £4.8m.
Under the terms of the deal Norcros has acquired 100% of the share capital of Abode for an initial cash consideration of £3.9m, plus deferred consideration of £0.9m payable in the year to 31 March 2019. The initial consideration of £3.9m has been funded entirely by existing debt facilities.
Based in Barnsley, Abode is a leading niche designer and distributor of high quality taps and sinks.
A multidisciplinary team advised the sellers including: John Hamer and Ed Brown from the Walker Morris Corporate Group and Jim Whittaker and James Atkinson from RSM Corporate Finance.
