Victoria adds Interfloor to group
Victoria has continued its acquisition policy, buying underlay and accessory manufacturer Interfloor from its venture capital owners and management.
The deal gives Interfloor an enterprise value of £65m. Victoria has issued just over 2.5million shares raising £30.8m to fund the cash consideration due to Milestone Capital, Hutton Collins Partners and Interfloor’s management. A further £4.95m has been raised by issuing shares to part-fund the deal while a further £8.75m has been raised for working capital.
In the year to 30 May 2015, Interfloor had sales of £72.29m and EBITDA of £10.02m.
‘This is an exciting development for Interfloor and we welcome the opportunity of continuing to deliver strong, long term growth by being part of the enlarged group,’ says John Cooper, Interfloor ceo.
‘We believe that Interfloor, as the market-leader, will be an excellent addition to the Group, bringing the complementary established underlay brands of Tredaire and Duralay in alongside our growing portfolio of well-respected carpet and hard-flooring brands. In the UK, Interfloor and Victoria share many of the same customers and there will be significant opportunities to capitalise on this.
In line with our other recent acquisitions, the acquisition will be materially earnings enhancing and value creating for shareholders. Working in conjunction with the very experienced operational management team at Interfloor, we expect to be able to drive operational efficiency improvements in future years.
This is another high quality acquisition and we are pleased to welcome Interfloor to the group,’ says Geoff Wilding, Victoria executive chairman.