Business
Acquisition
Acquisition.
About this update from Norcros Plc
[{"type":"text","content":"\n \nRNS Number : 2279B Norcros PLC 02 April 2013 \n \n\n \n \n2 April 2013\n \n \n(\"Norcros\", the \"Group\" or the \"Company\")\n \nAcquisition of Eurobath International Ltd trading as Vado\n \nNorcros plc, the market leading supplier of innovative branded showers, tiles and adhesives, is pleased to announce that it has completed the acquisition of 100% of the share capital of Eurobath International Ltd trading as Vado (\"Vado\"), a private family owned business principally held by the Walker and Williams families for an initial cash consideration of £11.0m plus debt and debt like items assumed as part of this transaction of approximately £0.9m, and further payments of up to £4.1m in total depending upon the future financial performance of Vado. The Board expects the acquisition to be earnings enhancing immediately.\n \n \nVado - business\n \nVado is a leading manufacturer and global distributor of bathroom controls including taps, mixer showers, bathroom accessories and valves, with strong brands and a product offering positioned at the mid to high end segment of its target markets. It has a broad customer base with particular strength in the contract and specification sector where it enjoys an impressive high quality project list in residential, commercial, hotel, and leisure developments and refurbishments throughout the world. In the retail sector it has successfully focused on high end boutique retailers and merchants, with established longstanding relationships with over 1,000 customers. Whilst UK revenue represents 55% of total revenue, one of the key strengths of Vado is its global distribution network which contributes the remaining 45% of total revenue. Vado exports to over 60 countries, most notably in the Middle East and Africa where it has a particularly strong presence. \n \nVado is based in Cheddar, Somerset, and has 144 employees. It has a strong management team headed by Managing Director Jim Williams, all of whom will be staying with the business.\n \nFurther information on Vado can be found at www.vado-uk.com.\n \n \nVado - financial performance\n \nVado has consistently delivered a strong revenue performance with a compound annual growth rate of 16% per annum over the last three years. For the year ended 31 December 2012, Vado's au...