Manufacturer, supplier and distributor of design-led flooring, Victoria PLC, has announced the acquisition of the Interfloor Group which is one of the United Kingdom's leading manufacturers and distributors of carpet underlay.
The £65 million acquisition is being financed through a rights issue.
On Friday broker Cantor Fitzgerald Europe announced the successful placement of 2,504,223 new ordinary (25 pence) shares as well as a conditional placement of a further 711,035 shares with institutional investors.
Commenting on the acquisition, Geoff Wilding, Victoria's Chairman said:
"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.
In the Board's view this is another high quality acquisition and we are pleased to welcome Interfloor to the Group."
