Brassware specialist VADO has been acquired by Norcros.
VADO was a privately owned business which began 25 years ago as a small operation distributing bathroom accessories. The company gradually developed its own products and brands, expanding into taps, showers and valves, and now has a workforce of around 150 people with sales to over 60 countries worldwide, achieving in excess of £26m in sales turnover.
It operates in the mid and high-end markets, boasting a broad customer base with particular strength within the contract and specification sector. In the retail sector it focuses on high-end boutique retailers and merchants, and has established relationships with over 1,000 customers.
The sale of the company is positive news for its employees, customers and suppliers. All jobs remain and the company continues to recruit due to growth and substantial plans for the future. Additionally, Norcros wants to leave VADO running under the current management with the existing strategy.
VADO managing director Jim Williams commented: “We are proud of what we have built, and we now look forward to being part of a group giving us even more financial strength and networks across the globe to support our ambitious growth plans.”
Norcros is a supplier of innovative branded showers, tiles and adhesives with group operating companies including Triton Showers, Johnson Tiles and Norcros Adhesive. It is also active overseas with operations in South Africa and Australia, and now has a global turnover in excess of £220m per year. The company is headquartered in Wilmslow, Cheshire and employs around 1,600 people.
Nick Kelsall, Norcros’ chief executive, said: “The acquisition of VADO and its premium brands and excellent product offering is an exciting addition to the group’s portfolio. I have been impressed with the commitment and passion of VADO’s management and employees and am confident that they and the business will continue to thrive under Norcros ownership. This transaction represents the first step in our enhanced growth strategy of making selective and complementary acquisitions which have the capability of improving profitability as well as broadening our brand portfolio, product offering and distribution channels.”
Advising VADO during the acquisition process was international accountancy firm Deloitte and law firm Osborne Clarke. Dewi Hughes, corporate finance advisory director at Deloitte, said: “VADO is a highly impressive business with a strong management team, leading brands, a compelling product proposition and truly global reach. It has consistently and significantly outpaced the market in recent years and is well placed to continue on its remarkable growth trajectory. This transaction provides a good strategic and cultural fit for both VADO and Norcros and we are delighted to have advised our clients on the achievement of their goal.”