Member Article

Wilmslow-based Norcros acquires Croydex for £21.9m

Wilmslow-based Norcros, a supplier of branded showers, taps, bathroom accessories, tiles and adhesives, has acquired 100% of the share capital of Croydex Group Ltd (“Croydex”).

The acquisition is for a total consideration of £21.9m, of which £20.8m has been settled in cash and £1.1m consideration deferred for three years.

Croydex is a privately-owned business held by the Brown and Marriott-Dodington families and Nick McGrellis.

Norcros group chief executive, Nick Kelsall, 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.”

Managing director of Croydex, Nick McGrellis, said: “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.”

This was posted in Bdaily's Members' News section by Sophia Taha .