Victoria PLC Completion of Acquisition of Ceramiche Serra S.p.A (2198Y)

TIDMVCP

RNS Number : 2198Y

Victoria PLC

04 December 2017

4 December 2017

Victoria PLC

('Victoria', the 'Company', or the 'Group')

Completion of Acquisition of Ceramiche Serra S.p.A.

Victoria 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").

On 24 October Victoria announced that it had entered into an acquisition agreement to acquire Serra. Total consideration is up to EUR56.5 million (GBP50.0 million), net of cash acquired, of which EUR36.5 million (GBP32.3 million) was paid in cash on completion. The balance of up to EUR20.0 million (GBP17.7 million) remains payable over the next four years, subject to the business meeting annual profit targets.

For the year ended 31 December 2016, Serra generated audited revenues of EUR28.2 million (GBP25.0million), EBITDA of EUR10.5 million (GBP9.3 million), and EBIT of EUR10.0 million (GBP8.8 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.

Note: exchange rate: GBP1:EUR1.13

Ends

For more information contact:

 
 Victoria PLC 
  Geoff Wilding, Chairman 
  Philippe Hamers, Group Chief 
  Executive 
  Michael Scott, Group Finance             +44 (0) 15 
  Director                                  6274 9300 
  Cantor Fitzgerald Europe (Nominated 
   Adviser & Broker) 
   Rick Thompson, Phil Davies, 
   Will Goode (Corporate Finance)           +44 (0) 20 
   Caspar Shand- Kydd, Alex Pollen           7894 7000 
   (Equity Sales) 
   Berenberg (Joint Broker) 
   Ben Wright, Mark Whitmore (Corporate      +44 (0) 20 
   Broking)                                  3207 7800 
 Buchanan Communications 
  Charles Ryland, Victoria Hayns,          +44 (0) 20 
  Madeleine Seacombe                        7466 5000 
 

About Victoria

Established 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 grass and flooring accessories. Victoria has operations in the UK, Spain, Italy, Belgium, the Netherlands and Australia and employs approximately 2,500 people across more than 20 sites. Victoria is the UK's largest carpet manufacturer and the second largest in Australia.

The Group's strategy is designed to create value for its shareholders, focused on consistently increasing earnings per share via acquisitions and sustainable organic growth.

The Group's trading subsidiaries include:

UK & Europe: Abingdon Flooring Ltd, Alliance Distribution Ltd, Avalon B.V, Ceramiche Serra S.p.A., Distinctive Flooring Ltd, Ezi Floor Ltd, Grass Inc. B.V, Interfloor Ltd, Keraben Grupo S.A.,Victoria Carpets Ltd, View Logistics Ltd, Victoria Belgium N.V, Westex (Carpets) Ltd, Whitestone Weavers Ltd

Australia: Quest Flooring Pty Ltd, Primary Flooring Pty Ltd, The Victoria Carpet Co. Pty Ltd

This information is provided by RNS

The company news service from the London Stock Exchange

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December 04, 2017 02:00 ET (07:00 GMT)