REG - Victoria PLC - Completion of Graniser acquisition

VictoriaAnnouncement

10/02/2022 07:00

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RNS Number : 2112B  Victoria PLC  10 February 2022

For Immediate Release
                                               10
February 2022

Victoria PLC

('Victoria' or the 'Group')

Completion of the acquisition of Graniser - additional production capacity

 

Victoria PLC, (LSE: VCP) the international designers, manufacturers and
distributors of innovative flooring, is pleased to confirm that it has
completed the acquisition of B3 Ceramics Danismanlik ("Graniser").

 

On 10 November 2021, Victoria announced that it had entered into an
acquisition agreement to acquire Graniser for a total consideration to be paid
on completion of €8.4 million (£7.1 m(1)), plus the repayment of
approximately €39.8 million (c. £33.7m(1)) of net debt.  The acquisition
completed yesterday, following regulatory approval by the Turkish competition
authorities. Settlement of the consideration and Graniser's previous debt were
funded entirely from the Group's cash balances.

 

On-going demand and synergy opportunities

Demand for the Group's products continues to be strong, and the additional
production capacity of 21 million sqm per annum that the Graniser acquisition
adds to Victoria's existing 52 million sqm, is welcomed.

 

Approximately 70% of Graniser's revenue is denominated in Euros and the
business currently generates normalised EBITDA of approximately €9 million
(c. £7.7m(1)) per annum.  Whilst the acquisition will therefore be
immediately earnings-enhancing, the synergies with the Group's existing
ceramic tile operations - in particular by making use of Graniser's spare
production capacity - to create additional value for Victoria's shareholders
will be actioned without delay.

 

 

(1) Applying a GBP:EUR exchange rate of 1.18

 

 For more information contact:

Victoria PLC                                                   +44 (0) 1562 749 610

 Geoff Wilding, Executive Chairman

 Philippe Hamers, Group Chief Executive

 Michael Scott, Group Finance Director

 Singer Capital Markets (Nominated Adviser and Joint Broker)    +44 (0) 207 496 3095

 Rick Thompson, Phil Davies, Alex Bond

 Berenberg (Joint Broker)                                       +44 (0) 203 207 7800

 Ben Wright, Mark Whitmore

                                                                +44 (0) 207 418 8900

 Peel Hunt (Joint Broker)

 Adrian Trimmings, Andrew Clark                                 +44 (0) 20 7466 5000

 Buchanan Communications (Financial PR)

 Charles Ryland, Chris Lane, Vicky Hayns, Tilly Abraham

 

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, UK,
 designs, manufactures and distributes a range of carpet, flooring underlay,
 ceramic tiles, LVT (luxury vinyl tile), artificial grass and flooring
 accessories.

 Victoria has operations in the UK, Spain, Italy, Belgium, the Netherlands, the
 United States and Australia and employs approximately 4,000 people across more
 than 26 sites. Victoria is the UK's largest carpet manufacturer and the second
 largest in Australia, as well as the largest manufacturer of underlay in both
 regions.

 The Group's strategy is designed to create value for its shareholders and is
 focused on consistently increasing earnings and cash flow per share via
 acquisitions and sustainable organic growth. (Further information about
 Victoria can be found on its website, www.victoriaplc.com.)

 

 

 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, UK,
 designs, manufactures and distributes a range of carpet, flooring underlay,
 ceramic tiles, LVT (luxury vinyl tile), artificial grass and flooring
 accessories.

 Victoria has operations in the UK, Spain, Italy, Belgium, the Netherlands, the
 United States and Australia and employs approximately 4,000 people across more
 than 26 sites. Victoria is the UK's largest carpet manufacturer and the second
 largest in Australia, as well as the largest manufacturer of underlay in both
 regions.

 The Group's strategy is designed to create value for its shareholders and is
 focused on consistently increasing earnings and cash flow per share via
 acquisitions and sustainable organic growth. (Further information about
 Victoria can be found on its website, www.victoriaplc.com.)

 

 

 

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