Victoria PLC - Worcestershire-headquartered flooring firm - Buys San Diego, California-based flooring distributor Cali Bamboo Holdings for USD76.1 million. The move is seen as a further expansion of Victoria's existing North American distribution business.
"The acquisition of Cali represents a step-change for the group presenting both revenue synergies alongside meaningful exposure to the fast-growing online sales channel," comments Chief Executive Philippe Hamers.
"We will also be using the knowledge and online systems developed by Cali to partner with our existing key retailers in the UK, Europe, and Australia to accelerate our growth and earnings in these markets."
The acquisition of Cali will be immediately earnings-enhancing, Victoria says.
Victoria says it has now invested over GBP160 million in the current financial year and added around GBP27 million of earnings before interest, tax, depreciation and amortisation to the group. It reiterates plans for future acquisitions and says it has "substantial amounts of capital" to deploy.
Current stock price: 1,008.00 pence
Year-to-date change: up 54%
By Will Paige; willpaige@alliancenews.com
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Victoria (VCP)