15.07.25
FSN Capital IV has signed an agreement to sell its majority shareholding in Fibo
Oslo, July 15, 2025
FSN Capital IV* and other shareholders have signed an agreement to sell 100% of the shares in Fibo to leading UK-based bathroom products group Norcros plc for an Enterprise Value of NOK 618m1, after a successful growth journey that has strengthened and internationalized the business.
Established in 1952 in Norway, Fibo is a leading supplier of high-quality waterproof, decorative wall panels. Fibo’s products are widely used in public buildings, private homes and modular buildings, providing durable, hygienic and sustainable wall systems. For the financial year ended 31 December 2024, Fibo Group reported net sales of NOK 856.3m and EBITDA of NOK 100.0m2.
FSN Capital IV acquired Fibo as a carve-out from Norwegian building contractor Byggma ASA in 2015. During the ownership period, Fibo has undergone a significant transformation to become a more robust and resilient business, well-positioned for long-term growth. In 2017, Fibo built a new, highly automated production facility, which, combined with continuous operational improvements, has enhanced efficiency and flexibility.
Since 2015, Fibo has significantly diversified its revenue mix, expanding internationally out of its home market of Norway. Today, Fibo boasts sales in more than 20 countries, including a substantial presence in the UK, while all production continues to be based at the company’s factory in Lyngdal, Norway.
Eirik Wabø, Investment Director at FSN Capital Partners (investment advisor to FSN Capital IV), commented: “It has been a privilege to support Fibo over the years, and we have been continually inspired by the dedication and pride of Fibo’s employees. While Fibo maintains a strong local presence, it has also managed to pursue international ambitions. Thanks to the strong commitment of management and the entire team, Fibo has succeeded in building a significant foothold in new markets, making the business both resilient and well-positioned for future growth. We look forward to seeing Fibo’s continued success as it enters a new chapter.“
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. Closing is expected during the second half of 2025.
FSN Capital IV was advised by DNB Carnegie, Haavind, and PWC.
*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.
1 Enterprise value excluding lease liabilities. Lease liabilities at 31 December 2024 was NOK 76.8m
2 The stated EBITDA of NOK 100.0m is before subtracting factoring fee of NOK 13.7m and deducts leasing payments of NOK 14.6m.
About Fibo
Founded in Norway in 1952, Fibo is a global leader in 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
About FSN Capital
Established in 1999, FSN Capital Partners is a leading Northern European private equity firm and investment advisor to the FSN Capital Funds. FSN Capital Partners has a team of more than 100 across Oslo, Stockholm, Copenhagen, and Munich.
FSN Capital Funds have more than €4 billion under management and make control investments in growth-oriented Northern European companies, to support further growth and to transform companies into more sustainable, competitive, international, and profitable entities.
Our ethos, “We are decent people making a decent return in a decent way” defines our core values. We are committed to being responsible investors and having a positive environmental and social impact across our portfolio while achieving market-leading returns.
Learn more about FSN Capital and our team on our website: www.fsncapital.com
For more information, please contact the following persons at FSN Capital Partners (investment advisor to FSN Capital IV):
Eirik Wabø, Investment Director
eirik.wabo@fsncapital.com
Morten Welo, Partner & COO/IR
morten.welo@fsncapital.com