Business
Completion of Acquisition of Ceramiche Serra S.p.A
Completion of Acquisition of Ceramiche Serra S.p.A.
About this update from Victoria Plc
[{"type":"text","content":"\n \nRNS Number : 2198Y Victoria PLC 04 December 2017 \n\n4 December 2017\nVictoria PLC\n('Victoria', the 'Company', or the 'Group')\nCompletion of Acquisition of Ceramiche Serra S.p.A.\nVictoria PLC (LSE: VCP), the international designers, manufacturers and distributors of innovative floorcoverings, is pleased to confirm that it has completed the acquisition of Italian ceramic flooring manufacturer, Ceramiche Serra S.p.A (\"Serra\").\n \nOn 24 October Victoria announced that it had entered into an acquisition agreement to acquire Serra. Total consideration is up to €56.5 million (£50.0 million), net of cash acquired, of which €36.5 million (£32.3 million) was paid in cash on completion. The balance of up to €20.0 million (£17.7 million) remains payable over the next four years, subject to the business meeting annual profit targets.\n \nFor the year ended 31 December 2016, Serra generated audited revenues of €28.2 million (£25.0million), EBITDA of €10.5 million (£9.3 million), and EBIT of €10.0 million (£8.8 million). Whilst the acquisition of Serra will therefore be immediately earnings-enhancing, opportunities to create additional value for Victoria's shareholders will be pursued as soon as possible.\n \n \nNote: exchange rate: £1:€1.13\n \nEnds\n \nFor more information contact:\n\n\n\n\nVictoria PLC \nGeoff Wilding, Chairman\nPhilippe Hamers, Group Chief Executive\nMichael Scott, Group Finance Director\n\n\n+44 (0) 15 6274 9300\n\n\n\n\n \nCantor Fitzgerald Europe (Nominated Adviser & Broker)\nRick Thompson, Phil Davies, Will Goode (Corporate Finance)\nCaspar Shand- Kydd, Alex Pollen (Equity Sales)\n \n \nBerenberg (Joint Broker)\nBen Wright, Mark Whitmore (Corporate Broking)\n \n\n\n \n+44 (0) 20 7894 7000\n \n \n \n+44 (0) 20 3207 7800\n \n\n\n\n\nBuchanan Communications\nCharles Ryland, Victoria Hayns, Madeleine Seacombe \n\n\n+44 (0) 20 7466 5000\n \n\n\n\n\n \nAbout Victoria\n \nEstablished in 1895 and listed since 1963 and on AIM since 2013 (VCP.L), Victoria PLC, is an international manufacturer and distributor of innovative flooring products. The Group, which is headquartered in Kidderminster, designs, manufactures and distributes a range of carpet, underlay, ceramic tiles, LVT (luxury vinyl tile), artificial...