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Victoria PLC - Worcestershire, England-based flooring manufacturer - Buys Florida-based flooring distributor International Wholesale Tile LLC for $28.5 million. Says the acquisition will be immediately earnings and cash flow accretive.
Victoria Chief Executive Officer Philippe Hamers says: "We were particularly attracted by the passion of IWT's management team and their operational philosophy, which prioritises customer service - ensuring product is in stock and providing rapid delivery. These are values we share at Victoria and which have driven our market outperformance in recent years."
For the financial year that ended March 31, IWT booked revenue of £55.4 million and normalised earnings before interest, tax, depreciation and amortisation of about £6.2 million.
Current stock price: 408.00 pence, down 1.2% on Wednesday in London
12-month change: down 60%
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