Victoria buys Turkish tile maker for £7.1m
Kidderminster carpets and floor coverings group Victoria has bought a Turkish ceramic tile manufacture,.
IT has acquired Graniser, established in 1997, in a deal worth £7.1 million. It has a single 75,000 sq metres production facility close to Izmir.
Graniser has been owned owned 75 per cent by the Austrian investment company Bancroft Group and 25 per cent by the European Bank of Reconstruction and Development since 2012.
It is the lastes in Victoria's trail of acquisitions in recent years.
Philippe Hamers, group chief executive of Victoria, said: “Victoria’s ceramic tiles business continues to go from strength to strength. The low-cost manufacturing environment that Graniser offers will give Victoria the ability to leverage its manufacturing expertise and brand strength to further drive operating margins.”
Geoff Wilding, executive chairman of Victoria, added: “Following completion of the acquisition, Victoria will have invested circa £201m in the current financial year to add approximately £35m of EBITDA to the group. Victoria’s strategy of achieving scale through acquisitions and using that scale to extract operational synergies continues to deliver value for the group and its shareholders.
“We continue to have substantial amounts of capital to deploy and are in active discussions with additional high-quality opportunities to grow our business. Therefore, shareholders can expect further earning accretive acquisitions.”
The deal is being funded entirely from the group’s cash balances, with completion subject to approval by the Turkish competition authorities and expected in December.
