Tile and bathroom products supplier Norcros has bought out Croydex Group in a deal worth £21.9m.
Croydex, which designs, manufactures and distributes quality bathroom furnishings and accessories, is a privately-owned business held by the Brown and Marriott-Dodington families and managing director Nick McGrellis. In business for over 90 years, it supplies both the UK trade and retail.
The Andover-based company has extensive purpose-built warehousing and on-site manufacturing facilities. The business employs 82 people including an experienced management team, all of whom will be staying on.
Mr McGrellis is now in line for a payout of up to £0.9m, dependent on Croydex's performance over the next three years.
In the year to December 31 2014, Croydex achieved revenue of £19.9m, and pre-tax profit of £2.6m.
Norcros says the acquisition of Croydex is an important next step in its strategy to increase revenue to £420m by 2018, and that it will bolster its bathroom product range.
Said group chief executive Nick Kelsall: "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."