Victoria to acquire Balta's rugs and UK carpet businesses
November 29, 2021
Victoria plc is to acquire the €300m rugs and UK carpets operation of the Balta Group in a deal worth €138m, expected to be finalised by April next year.
The move follows confirmation last week that the Kidderminster-based plc were in discussions with the Belgium conglomerate Balta which is one of the largest importers into the UK.
The deal covers the Balta Rugs business – a new sector for Victoria – as well as the UK polypropylene carpet and non-woven carpet businesses and the Balta brand.
The carpets division which accounts for more than €100m of the combined turnover, will take Victoria's share of the UK's broadloom carpet market to about 16 percent, including its existing manufacturing operations.
"This selective acquisition of two highly complementary businesses will be significantly value creating for Victoria's shareholders," said Philippe Hamers, Victoria CEO. "The rugs division has been hugely successful over many years and there are very material operating synergies between the carpet division and Victoria's existing business. These are both businesses that Victoria already knows extremely well."
Victoria says it will fund the acquisition out of existing resources, having recently received substantial additional investment from the Koch Equity Development group. Victoria will take on the €57m of debt from the two Balta divisions.
The Balta Group will now focus on its commercial businesses in Europe and the United States and its European Residential PA business.
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