Grant Westfield taken over in £80m deal
An Edinburgh-based maker of bathroom and shower panels is being bought in a deal valuing the business at some £80 million.
Grant Westfield, which was founded in 1881 and manufactures out of its Edinburgh facility, is being acquired by bathroom and kitchen products supplier Norcros.
Bosses at the group noted that Grant Westfield has a market share of about 12 per cent of the UK bathroom wall coverings market and approximately 40 per cent of the UK bathroom shower and panel market.
They pointed to continued growth in domestic bathroom expenditure while new housebuilding spend is expected to remain robust.
Norcros, which is headquartered in Wilmslow, Cheshire and employs about 2,200 people, added: “Relative to alternatives, panels are easier and faster to install and are a high quality product that is waterproof and durable.”
The deal will lead to geographic expansion of Grant Westfield in the UK and Europe.
Norcros chief executive Nick
Kelsall 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. I am looking forward to working with the Grant Westfield managing director, Sarah Law, and her team as we work together on the next phase of growth.”
Law added: “We are excited to be joining the Norcros family.”