Abode Home Products acquired by NorcrosPrint news article
Walker Morris fields multidisciplinary team to advise sellers.
Norcros, the market leading supplier of innovative branded showers, taps, bathroom accessories, tiles and adhesives, has announced that it has acquired the entire issued share capital of Abode Home Products Ltd for £4.8m.
Under the terms of the deal Norcros has acquired 100% of the share capital of Abode for an initial cash consideration of £3.9m, plus deferred consideration of £0.9m payable in the year to 31 March 2019. The initial consideration of £3.9m has been funded entirely by existing debt facilities.
Based in Barnsley, Abode is a leading niche designer and distributor of high quality taps and sinks. It is a privately-owned business held by Croneta S.A., a company incorporated in Switzerland, and Managing Director Darren Holliday. The business has strong customer relationships and market positions in both the UK branded and own-label segments. It employs 21 people and for the year ended 30 June 2015, Abode’s audited financial statements reported revenue of £9.9m.
A multidisciplinary team advised the sellers led by John Hamer and from the Walker Morris Corporate Group and Jim Whittaker and James Atkinson from RSM Corporate Finance.
John Hamer who led the Walker Morris team said:
“Abode is a fantastic Yorkshire based business with great product design and service which has resulted in driving its success to date. Darren has grown the business significantly since its inception in 2002 and this deal is a tremendous outcome for Abode.”
Jim Whittaker from RSM Corporate Finance commented:
“It has been a pleasure to work with the shareholders of Abode on this transaction. Abode is a quality business and we wish Darren all the best during the next exciting stage of development.”