16th Jul 2025 12:55
(Alliance News) - The UK competition regulator on Wednesday said it is considering whether or not to investigate the acquisition by Norcros PLC of Norway's Fibo Holding AS, which also makes home improvement products.
Norcros is a Cheshire, England-based supplier of bathroom and kitchen products in the UK, Ireland and South Africa. On Tuesday, it said agreed to buy Fibo from FSN Capital for up to NOK618 million, around GBP45 million.
Oslo-based Fibo is a supplier of waterproof, decorative wall panels.
"Wall panels are easy to install, durable and sustainable, and are an increasingly attractive alternative to tiles and other wall coverings. The acquisition of Fibo group aligns with the company's strategy to acquire and grow capital-light, scalable businesses operating in high-growth product segments and is consistent with our medium-term strategic targets," Norcros explained.
Fibo recorded earnings before interest, tax, depreciation and amortisation of GBP7.3 million in 2024 on net sales of GBP63 million.
The UK Competition & Markets Authority on Wednesday said it is considering whether the merger could result in reduced competition in the UK. The CMA invited comments from "interested parties" until July 30. It noted it has not yet launched a formal investigation of the deal and is only gathering information at this stage.
Norcros shares were down 0.7% at 294.00 pence midday Wednesday in London for a GBP256.1 million market capitalisation.
By Tom Waite, Alliance News editor
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