Business
New Flooring Category Acquisition: Rugs
New Flooring Category Acquisition: Rugs.
About this update from Victoria Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8499T\n Victoria PLC\n 29 November 2021\n \n \n \n \n \n For Immediate Release 29 November 2021\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 Victoria PLC\n \n \n ('Victoria' or the 'Group')\n \n \n · \n \n Carve Out & Acquisition of the Rugs & UK Carpet Divisions of Balta Group NV\n \n \n \n Expansion into a Major New & Growing Flooring Category: Rugs\n \n \n \n \n \n · \n \n Koch Equity Development Further £150m Investment on Improved Terms\n \n \n \n \n \n \n Victoria PLC, (LSE: VCP) the international designers, manufacturers and distributors of innovative flooring, is delighted to announce it has agreed to acquire the highly profitable and growing rugs division of Balta Group, the Belgium-based flooring company, along with its profitable UK polypropylene carpet and non-woven carpet businesses (collectively \"the Divisions\"), together with the internationally-known brand, \"Balta\" (the \"Acquisition\").\n \n \n \n \n \n The Acquisition can be funded entirely from the Company's existing financial resources. However, the Board has taken the opportunity to conclude a firm commitment for a further preferred equity investment with KED Victoria Investments LLC (\"KED\"), an affiliate of Koch Equity Development LLC, on improved terms, as outlined in this announcement, to support further growth in due course.\n \n \n \n \n \n Key terms of the Acquisition\n \n \n \n \n \n · \n For the 12 months ended March 2021, the Divisions generated unaudited total revenues of €307.0 million (c. £260.2m1) (FY2020: €303.5m) and normalised EBITDA of €35.5 million (c. £30.1m1) (FY2020: €29.9m). \n \n \n \n \n \n ·\n Total consideration to be paid in cash on completion is approximately €1...