Norcros, the Wilmslow, Cheshire-based bathroom products business, has agreed to acquire Norway’s Fibo Holding AS from FSN Capital for an enterprise value of £45 million.

In addition to the acquisition’s enterprise value, there will be a long-term incentive and retention scheme for Fibo CEO Anders Carlson and key Fibo personnel of up to £3.5 million.

“Fibo Group is a leading supplier of high-quality waterproof, decorative wall panels,” said Norcros.

“The business was founded in 1952 and has a modern production facility in Lyngdal, Norway. For the financial year ended 31 December 2024, Fibo Group reported net sales of NOK 856.3m (c. £63m) and EBITDA of NOK 100.0m (c. £7.3m, with c. 70% sales from mainland Europe (with key positions in Scandinavia and central Europe) and c. 30% from the UK.

“Fibo Group has a skilled and experienced management team, which is led by Chief Executive Officer Anders Carlson, who will join Norcros as part of the transaction. The business has traded strongly through 2025, with year-to-date results showing meaningful revenue and profit growth on the prior year. 

“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.

“Fibo Group has well-established routes to market across Scandinavia, central Europe and the UK. The market for bathroom products across Scandinavia and central Europe is similar in size and consumer preferences to the UK market, with customers recognising the value of trusted brands with strong sustainability credentials.

“We are confident that with the addition of the Fibo management team’s knowledge and expertise, we will grow our share of these attractive north European end markets in wall coverings and, in time, the rest of our bathroom portfolio …

“This is an attractive, high-growth market segment where the Company already has an existing presence in the UK through Grant Westfield (acquired by the Company in 2022). Fibo Group and Grant Westfield will together have revenues in excess of £100m, with both businesses actively growing share at the expense of tiles.”

Norcros CEO Thomas Willcocks said: “This strategically aligned acquisition gives Norcros a strong platform to accelerate our geographic expansion in this attractive, fast-growing segment of the wall coverings market.

“Decorative wall panels is a product category that we understand well following our acquisition of Grant Westfield in 2022. Fibo Group have an excellent and well-established management team, a well-invested modern operation, and importantly, a reputation that aligns with our culture.

“We look forward to working with Anders and his team to accelerate their growth plans as we take this next important step in building a market-leading, capital-light, cash-generative bathroom business of scale.”

Fibo CEO Anders Carlson said: “We are excited to be joining Norcros and driving forward with the next stage of our growth plan. We share a common understanding of the growth potential and sustainability benefits of decorative wall panels as an emerging alternative to tiles and together, we will be able to realise the benefits of scale. The transaction will enable us to accelerate our growth plans, offering opportunities for our staff and customers.”