StockMarketWire.com - Flooring retailer Victoria said it had acquired Spanish ceramic flooring manufacturer Iberoalcorense, for an undisclosed sum.

The purchase price would be split into a payment on completion and a contingent payment,to be paid in May 2020, subject to Ibero meeting a specific performance target.

For the year ended 31 December 2018, Ibero generated audited revenues of €30.9m (£28.3m) and adjusted Ebitda of €3.1m (£2.8m).

'Ibero is a very high-quality manufacturer and is an excellent commercial fit with our existing Spanish ceramic operations and I am delighted that Victoria has secured this acquisition,' chairman Geoff Wilding said.

'In keeping with our acquisition criteria, Ibero is very well invested in terms of its manufacturing facilities and will be immediately earnings accretive and positively cash generative on completion.'

'In addition, there are also some material operational synergies with our existing Spanish businesses, which we will realise over the next 12 months.'

'These synergies will not incur any meaningful exceptional costs.'




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