Victoria PLC Acquisition of Quest Carpets (4073V)
07 Agosto 2015 - 3:00AM
UK Regulatory
TIDMVCP
RNS Number : 4073V
Victoria PLC
07 August 2015
7 August 2015
Victoria PLC
('Victoria', the 'Company', or the 'Group')
Acquisition of Quest Carpets
Victoria PLC, (LSE: VCP) a manufacturer, supplier and
distributor of design-led carpets and floorcoverings, is pleased to
announce the acquisition of Australian carpet manufacturer Quest
Carpet Manufacturers Pty Limited and Quest Carpet Manufacturers
Unit Trust, (together "Quest")(the "Acquisition"), for an initial
cash consideration of approximately A$24.5 million (GBP11.5
million) and deferred cash consideration of A$10.5 million (GBP4.9
million), payable in instalments of A$3.5 million (GBP1.6 million)
on the anniversary of completion for each of the next three years.
The total consideration represents a multiple of a little under 5
times Quest's normalised EBITDA for the year ended 30 June
2015.
Operating from facilities in Dandenong (near Melbourne),
Australia and employing a workforce of more than 200 people, Quest
designs, sells and distributes premium quality carpets across
Australia and New Zealand.
All key senior management of Quest will remain with the business
and it will continue to operate independently, whilst benefiting
from the synergies of an enlarged group, in its ongoing drive for
profitable growth.
For the financial year ended 30 June 2015, Quest generated
unaudited turnover of A$59.8 million (GBP28.1 million) and
normalised EBITDA of A$7.1 million (GBP3.3 million). (Year ended 30
June 2014: turnover A$51.0 million (GBP24.0 million) and normalised
EBITDA of A$5.9 million (GBP2.8 million)).
The Acquisition is being funded, in Australian dollars, using
Victoria's existing facilities with Barclays Bank and HSBC.
The Acquisition confirms Victoria's strategy of growing its
business with earnings enhancing acquisitions. This is Victoria's
fourth acquisition in the last year and a half following the
acquisition of Westex, Abingdon Flooring, and the Whitestone Group.
The group now operates from 6 manufacturing sites in the UK and 3
in Australia.
Geoff Wilding, Chairman of Victoria PLC, commented:
"We are delighted Victoria PLC has been able to acquire Quest
Carpets. It is an extremely well-run and growing business and it
took some time to persuade the current owners to accept our offer.
However Quest is highly complementary to our existing business in
Australia and so, while we remained disciplined with our offer, I
think the vendors would agree we were quite persistent in our
pursuit.
The acquisition will be immediately earnings enhancing for
Victoria's shareholders even before the significant benefits
expected to flow from the increased scale of our operations in
Australia."
Stephen Sunderland, Chief Executive of Quest, said:
"I and the other management remain completely committed to
Quest. My fellow directors and I are immensely proud of what we
have achieved since our founding in 1978 and believe the
independence Victoria PLC gives its subsidiaries will ensure we
maintain our unique culture while giving us the opportunity to grow
and benefit from synergies as part of a larger group."
- Ends -
For more information contact:
Victoria PLC
Geoff Wilding
Alexander Anton +44 (0) 207 440 7520
Cantor Fitzgerald Europe (Nominated
Adviser and Broker)
Rick Thompson, Phil Davies,
David Foreman, Michael Reynolds
(Corporate Finance)
David Banks, Tessa Sillars
(Corporate Broking) +44 (0) 20 7894 7000
Whitman Howard Limited (Joint
Broker)
Niall Devins, Ranald McGregor-Smith
MHP Communications (Financial +44 (0) 20 7659 1234
PR)
Nick Denton +44 (0) 20 3128 8100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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