Fibo Group AS - Agreement to sell 100% of the shares in Fibo Holding AS with subsidiaries to Norcros plc

15 Jul 2025 09:00 CEST

Fibo Holding AS ("Fibo"), a leading international supplier of high-quality
waterproof wall systems, today announced that its owners, including FSN Capital
IV* have entered into an agreement to sell 100% of the shares in Fibo, including
Fibo Group AS and its other subsidiaries, to Norcros plc, a UK-listed, leading
supplier of bathroom products for an Enterprise Value of NOK 618m (the
"Transaction").
Established in 1952 in Norway, Fibo has built a robust platform supplying
high-quality waterproof, decorative wall panels for public buildings, private
homes and modular buildings. For the financial year ended 31 December 2024, Fibo
Group reported net sales of NOK 856.3m and EBITDA of NOK 100.0m .
Fibo’s operational model, with all production based at its highly automated
facility in Norway, secures consistent product quality and supply reliability.
Under FSN Capital IV’s ownership since 2015, Fibo has transformed into a highly
resilient, internationally diversified business. Revenue streams have become
more balanced across more than 20 countries, including a significant footprint
in the UK market. Efficient operations and strategic international expansion
have enabled Fibo to deliver reliable, predictable growth over the past several
years.
By joining Norcros, Fibo will benefit from enhanced resources to support growth
and innovation, access to valuable knowledge-sharing opportunities with a
diverse portfolio of bathroom brands, and the advantages of greater scale. These
benefits will enable Fibo to strengthen its presence and continue expanding in
both existing and new markets.
Anders Carlson, CEO at Fibo, added: “Becoming part of Norcros opens up new
opportunities, including access to greater resources and the chance to learn
from and collaborate with new colleagues. Most importantly, Fibo will be able to
grow, innovate, and expand its reach to serve more customers around the world.
We are thankful for a valuable partnership with FSN Capital IV, which has been
key to the successful development of Fibo into an international company with
significant potential to scale.”
The Transaction is subject to approval by applicable authorities and is expected
to be completed during the second half of 2025. Subject to completion of the
Transaction, Fibo intends to fully redeem the senior secured bonds issued by its
subsidiary Fibo Group AS with ISIN NO 0011204356. The bond redemption is
expected to take place on or about completion of the Transaction and further
details will be announced in due course.
*FSN Capital GP IV Limited acting in its capacity as general partner for and on
behalf of each of FSN Capital IV L.P., FSN Capital IV (B) L.P. and FSN Capital
IV Invest L.P.
About Fibo
Founded in Norway in 1952, Fibo is a leading supplier of high-quality waterproof
wall systems for wet rooms. With nearly 70 years of innovation, Fibo offers a
versatile range of fully waterproof wall panels and accessories, providing a
durable, sustainable and cost-effective alternative to tiles, trusted for their
certified quality and performance.
Fibo holds the number one market position in Norway and has a strong and growing
presence across Europe and North America. Serving both public, residential and
commercial sectors, from new builds to renovations and modular projects, Fibo
products reach customers via builders’ merchants, DIY chains, and direct B2B
sales.
With a modern, automated facility in Lyngdal, Norway, and global material
sourcing, Fibo continues to set the standard for waterproof wall solutions
worldwide, supported by over 15 years of consistent growth.
For more information, please visit: www.fibo.com

For further information, please contact
Anders Carlson, CEO – aca@fibosystem.com
Paula Teixidor Bustins, CFO – pbu@fibosystem.com
This information is subject to the disclosure requirements pursuant to the
Market Abuse Regulations article 19 and section 5-12 of the Norwegian Securities
Trading Act.

More information:
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651285_Fibo bond market press release - 15 Jul 2025_vFinal.pdf