LONDON (Alliance News) - Floor coverings firm Victoria PLC on Monday said it raised GBP60.5 million to go towards the acquisition of a European tile maker.
Victoria placed 7.3 million shares at a price of 827 pence each, with the bookbuild being run by both Cantor Fitzgerald Europe and Joh Berenberg Gossler & Co KG.
Victoria's shares were trading at 838.40p each on Monday afternoon, down 1.4%.
"We are delighted by the level of support we have received from both existing and new investors, with the placing oversubscribed by a multiple of the funds sought," said Chairman Geoff Wilding.
Early on Monday, the company said it will use the funds for the GBP86.2 million takeover of Ceramica Saloni, which is being bought from Obinesa Grupo Industrial SL.
Saloni makes mid to high-end ceramic and porcelain tiles, and focuses mainly on Spain and France, selling predominantly to new construction and commercial offices, Victoria said.
In 2017, Saloni posted revenue of GBP94.7 million and adjusted earnings before interest, tax, depreciation, and amortisation of GBP13.9 million.
Victoria (VCP)