Victoria PLC Completion of Acquisition of Ceramiche Serra S.p.A (2198Y)
December 04 2017 - 1:00AM
UK Regulatory
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
END
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