Victoria plc completed the acquisition of Rugs & UK Carpet Divisions from Balta Group NV.
April 04, 2022
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Victoria plc (AIM:VCP) agreed to acquire Rugs & UK Carpet Divisions from Balta Group NV (ENXTBR:BALTA) for approximately 180 million on November 29, 2021. The purchase price will be funded entirely from the Group's cash balances along with additional preferred equity to be provided by KED, a substantial shareholder in Victoria. Consideration of 60.4m was paid on completion and 6.3m was received subsequently in July 2022 as a closing cash adjustment. Additionally, 109.6m of debt was repaid on completion. For the 12 months ended March 31, 2021, the Divisions generated unaudited total revenues of 307.0 million, and EBITDA of 35.5 million. The acquisition will be immediately earnings-accretive. The transaction is expected to complete at the beginning of Quarter second of 2022. Robrecht Coppens, Mathias Hendrickx, Céline De Vuyst, Marc Vermylen, Filip Saelens, Stéphanie De Smedt, Julien Lecler, Wannes Buelens, Eline De Ryck, Eugénie Mennig, Marc Wiggers, Robin Struijlaart, Robert Fröger, Michael Scott, Madeleine Marques, Diogo Morgado Filipe of Loyens & Loeff acted as a Legal Advisor to Balta Group. Rick Thompson, Phil Davies, Alex Bond of Singer Capital Markets acted as Financial Advisor to Victoria plc. Moelis & Company acted ad financial advisor to Balta NV.
Victoria plc (AIM:VCP) completed the acquisition of Rugs & UK Carpet Divisions from Balta Group NV (ENXTBR:BALTA) on April 5, 2022.
Belysse Group NV manufactures sustainable textile floor coverings for commercial and residential applications and commercializes its products focusing 90% on North America and Europe under the premium brands Bentley (US), modulyss, arc edition and ITC (Europe).
Belysse Group NV employs nearly 1,300 people and operates three manufacturing sites in Belgium (Tielt and Zele) and the United States (Los Angeles).