Likewise Group plc (AIM:LIKE) agreed to acquire Valley Wholesale Carpets (2004) Limited for £27.3 million on December 15, 2021. The transaction has a maximum consideration of £30.0 million, including approximately £10.0 million of cash within Valley Wholesale Carpets. This comprises initial consideration of £24.0 million which is payable at or shortly after Acquisition Completion, deferred consideration of £1.0 million and the issue of 5.0 million Ordinary Shares in Likewise. If the 5.0 million Ordinary Shares are valued at less than £5.0 million on the second anniversary of Acquisition Completion, then the shortfall will be settled in cash. The Company intends to finance £14.0 million of the Cash Consideration due on Acquisition Completion via its existing cash reserves and a conditional Firm Placing of new Ordinary Shares to raise £12.0 million and a conditional Clawback Placing to raise £2.0 million. The Company intends to finance £14.0 million of the Cash Consideration due on Acquisition Completion via its existing cash reserves and a conditional Firm Placing of new Ordinary Shares to raise £12.0 million and a conditional Clawback Placing to raise £2.0 million. Valley Wholesale Carpets generated audited revenue of £47.3 million and adjusted EBITDA of £5.7 million in the year ended 30 September 2021. The Acquisition is expected to be immediately earnings enhancing and is expected to deliver approximately 25 per cent earnings enhancement during the first full year of ownership. Completion of the Acquisition is conditional upon Admission, which in turn, is conditional on the passing of certain Resolutions to be proposed at a General Meeting authorising the Company to allot the Placing Shares. If the condition to the Acquisition is not satisfied by 28 February 2022, the Acquisition will not proceed. Jordan Warburton, David Foreman, James Edis and Dominic King of Zeus Capital Limited acted as financial advisor , Semelia Hamon of Ravenscroft Consultancy & Listing Services Limited and Fergus Young and Tim Robertson of Novella Communications represented Likewise Group.

Likewise Group plc (AIM:LIKE) completed the acquisition of Valley Wholesale Carpets (2004) Limited on January 14, 2022.