The British company Victoria acquires the tile manufacturer Keraben

Victoria, the company engaged in the design, manufacture and international distribution of floor coverings, has reached an agreement to acquire 100% of the manufacturer of ceramic floor and wall tiles Keraben. The British firm will pay 274.1 million euros for this transaction, and will issue almost 23 million new shares in the hopes of raising around 204 million euros in financing.

Victoria's directors expect shareholders to see their earnings grow significantly by the end of the first year after this purchase. Keraben generated audited revenues of 118.3 million euros in 2016, with an adjusted EBITDA of 36.4 million, and expects to exceed those results by 10% in the present year about to close.

International growth
Keraben is based in Castellón, and manufactures ceramic tiles for floors and walls for sale to wholesalers, retailers and DIY chains all over continental Europe, North America and Asia. For Victoria, this acquisition represents a further inroad in the European hard flooring market.

The management team at Keraben will remain in charge of the company for at least the next three months, and will receive a financial incentive to continue spearheading its growth.

Geoff Wilding, CEO of Victoria, says: “We believe that Keraben is a high-quality addition to the group. Notwithstanding its further strong organic growth prospects, the acquisition of Keraben will be materially earnings-accretive in the first year of ownership and continues to increase our geographic diversity. Post-completion, over 50 percent of Victoria's earnings will be generated from outside the UK –continuing our transformation into a genuinely international flooring business”.

Last updated: 14|12|2017

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