Owner of Grant Westfield which makes Multipanel and Naturepanel brands Norcros is set to acquire Norwegian Fibo wall panel brand.

It will join the group’s 10 existing companies, which include Triton, Merlyn, Grant Westfield, Vado, Croydex, Abode and Johnson Tiles.

The transaction is subject to approval by the relevant competition authorities (CMA) and is not expected to be completed until Autumn 2025.

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Founded in 1952, Fibo manufactures waterproof, decorative wall panels from its factory in Lyngdal, Norway.

Chief executive of Fibo Anders Carlson will join Norcros as part of the transaction.

According to its financial report for year ended December 31, 2024, Fibo achieved revenue of Nok 856million (circa £62million), and reported EBITA of NOK 100million (circa £7.3million).

Chief executive officer of Norcros Thomas Willcocks commented: “This strategically aligned acquisition gives Norcos a strong platform to accelerate our geographical expansion in this attractive, fast-growing segment of the wall coverings market.

“Fibo Group have an excellent and well-established management team, a well-invested modern operation and, importantly, a reputation that aligns with our culture.

“We look forward to working with Anders and his team to accelerate growth plans.”

CEO of Fibo Anders Carlson added: “We are excited to be joining Norcros and driving forward with the next stage of our growth plan.

“We share a common understanding of the growth potential and sustainability benefits of decorative wall panels as an emerging alternative to tiles and together, we will be able to realise the benefits of scale.

“The transaction will enable us to accelerate our growth plans, offering opportunities for our staff and customers.”