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LONDON (Alliance News) - Norcros PLC on Thursday said it has paid GBP21.9 million to acquire Croydex Group Ltd, a bathroom furnishings and accessories designer, manufacturer and distributor based in Hampshire.
Norcros, which supplies branded showers, taps, bathroom accessories, tiles and adhesives in the UK and South Africa, said it has paid GBP20.8 million in cash upfront for the company, with a further GBP1.1 million in deferred consideration to be paid over the next three years.
The deal has been funded from existing Norcros debt facilities, and it expects the deal to be immediately earnings enhancing.
"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," said Nick Kelsall, Norcros's chief executive.
Shares in Norcros were up 5.7% to 19.5548 pence on Thursday morning, one of the best performers in the FTSE All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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