Tue, 18 Jan 2022 | BUSINESS NEWS
Kidderminster-based flooring firm Victoria Plc has announced that it has received £150 million in private equity funding , with the investment enabling the company to continue its acquisitive growth strategy.
The funding was approved by shareholders of the AIM-listed at a general meeting on January 13. Following the general meeting, Victoria Plc confirmed that it had received £150 million, prior to fees and expenses, from Koch Equity Development, the investment and acquisition arm of Koch Industries.
Founded in 1895, Victoria Plc first listed in 1963 and has been listed on AIM since 2013. Headquartered in the UK and with operations in Spain, Belgium, Italy, the Netherlands, USA and Australia, the company designs, manufactures and distributes flooring products, including carpet, ceramic tiles, luxury vinyl tile, flooring underlay, artificial grass and flooring accessories.
The group is focused on increasing earnings, cash flow and shareholder value through both organic growth and acquisitions. The company typically makes multiple acquisitions both UK-based and internationally in the flooring sector every year.
In a statement to the London Stock Exchange regarding the new funding, Victoria said: "Alongside the group's existing financial resources, this capital will be carefully deployed to support Victoria's acquisition-led growth whilst maintaining the board's long-expressed leverage policy."
In its annual report for the 53 weeks to April 3 2021, Victoria PLc reported revenue of £662.3 million from continuing operations, up from £621.5 million a year earlier. The group’s operating profit was £79.8 million and pre-tax profit was £50.1 million.
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