Norcros has announced its acquisition of Abode Home Products for a total of £4.8m. £3.9m has been settled in cash and £0.9m is payable in March 2019.
Since 2002, when Abode entered the kitchen tap market, it has proved to be a successful, creative and design-led company. The product ranges have diversified and progressed through to nationwide availability of individually styled kitchen taps and mixers including the new Pronteau hot water tap.
Darren Holliday, managing director of Abode, said: “This transaction marks a new and exciting chapter for the Abode business and I am confident that being part of Norcros will enable us to accelerate the strong progress we have made over the last few years. We will continue to operate autonomously under the Abode banner and work with our existing customer base.”
Norcros has a growth strategy to increase revenue to £420m by 2018 and today’s acquisition follows on from the successful integration of Vado and Croydex, which Norcros acquired in March 2013 and June 2015 respectively.
