StockMarketWire.com - Flooring manufacturer Victoria said it had acquired Dutch artificial grass and carpets group Edel €49.4 million.

Edel was also carrying about €20.0 million of net debt.

Victoria said the acquisition marked a substantial expansion of its existing artificial landscaping grass business.

Edel generated revenue for the year through December of €47.6 million and normalised earnings before interest, tax, depreciation and amortisation of €10 million.

Victoria said the deal was funded entirely from its cash balances.

'Edel is an exceptionally well invested business with state-of-the-art and well-maintained yarn extrusion, tufting and backing production facilities located in the Netherlands and Germany, making it a best-in-class producer,' it said.





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