LONDON (Alliance News) - Floorcoverings company Victoria PLC said Wednesday it has appointed Zachary Sternberg as non-executive director with immediate effect.
Sternberg is the co-founder of Spruce House Partnership, a New York-based private investment partnership. Spruce owns 14.8% stake in Victoria.
"Spruce House has one of the best long-term investment records I know of, and I am delighted to welcome Zach to the board of Victoria. He brings his extensive knowledge of capital markets as well as his perspective as a material shareholder, and he strongly supports the group's strategy, which is designed to maximise the per share value of Victoria over the long term through both organic and acquisitive growth," said Victoria Chair Geoff Wilding.
Sternberg said: "Spruce House looks forward to continuing to support Victoria over the long-term as it takes advantage of the extraordinary opportunity to grow its existing operations and acquire companies across Europe's very fragmented flooring industry."
Shares in Victoria were trading 1.5% lower at 512.00 pence each on Wednesday afternoon.
Victoria (VCP)