Business
Acquisition of B3 Ceramics Danismanlik
Acquisition of B3 Ceramics Danismanlik.
About this update from Victoria Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9166R\n Victoria PLC\n 10 November 2021\n \n \n \n \n \n For Immediate Release 10 November 2021\n \n \n \n \n This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. \n \n \n \n \n \n \n \n \n Victoria PLC\n \n \n ('Victoria' or the 'Group')\n \n \n Acquisition of B3 Ceramics Danismanlik (\"Graniser\")\n \n \n \n \n \n A substantial low-cost manufacturing platform\n \n \n \n \n \n Victoria PLC, (LSE: VCP) the international designers, manufacturers and distributors of innovative flooring, is pleased to announce the further expansion of its existing ceramic tile business and operations, having agreed to acquire Graniser,\n a mid-market manufacturer and exporter of ceramic tiles based in Izmir, Turkey (the \"Acquisition\")\n .\n \n \n \n \n \n Key terms of the Acquisition\n \n \n \n \n \n · \n Graniser prepares and files audited statutory financial accounts in Turkey, which were audited by Deloitte from 2013 to 2019, with KPMG appointed in 2020. The accounts are prepared in Turkish Lira, with c. 70% of Graniser's revenue denominated in Euros.\n \n \n · \n For the 12 months ended 31 December 2020, Graniser generated audited revenues of €59.3 million\n \n [1]\n \n (c. £52.8m\n 1\n ). Current normalised EBITDA is approximately €9 million (c. £7.7m\n 2\n ).\n \n \n · \n Total consideration to be paid on completion is €8.4 million (£7.1 m\n \n [2]\n \n ), which will be funded entirely from the Group's cash balances. In addition, Graniser has approximately €39.8 million (c. £33.7m2) of net debt (including shareholder loans), which will be repaid on completion.\n \n \n · \n Completion is subject to procedural approval by the Turkish competition authorities and is expected to take place in December 2021.\n \n \n \n \n \n On completion, the Acquisition will be immediately earnings accretive.\n \n \n \n \n \n \n \n \n \n \n \n \n Overview of Graniser\n \n \n \n \n \n Established in 1997, Graniser has been ultimately owned 75% by the Austrian investment company, Bancroft...