REG - Victoria PLC - Completion of Acquisition of Ceramiche Serra S.p.A <Origin Href="QuoteRef">VCP.L</Origin>

VictoriaAnnouncement

04/12/2017 07:05

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 56.5 million (50.0 million), net of cash acquired, of which 36.5 million (32.3 million) was paid in cash on completion. The balance of up to 20.0 million (17.7 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 28.2 million (25.0million), EBITDA of 10.5 million (9.3 million), and EBIT of 10.0 million (8.8 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: 1:1.13
Ends
For more information contact:
Victoria PLC 
Geoff Wilding, Chairman
Philippe Hamers, Group Chief Executive
Michael Scott, Group Finance Director
+44 (0) 15 6274 9300
Cantor Fitzgerald Europe (Nominated Adviser & Broker)
Rick Thompson, Phil Davies, Will Goode (Corporate Finance)
Caspar Shand- Kydd, Alex Pollen (Equity Sales)
Berenberg (Joint Broker)
Ben Wright, Mark Whitmore (Corporate Broking)
+44 (0) 20 7894 7000
+44 (0) 20 3207 7800
Buchanan Communications
Charles Ryland, Victoria Hayns, Madeleine Seacombe 
+44 (0) 20 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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