Victoria PLC completes Interfloor deal

11th Sep 2015 08:26

(ShareCast News) - Flooring manufacturer and supplier Victoria PLC has reached a deal to acquire Interfloor Group from Milestone Capital, Hutton Collins Partners and management for £65m in cash.The London-listed company said that as part of the transaction it has raised £30.8m through a 2.5m share placing at 1,230p each and has placed an additional 402,633 shares at the same price to raise £5m.All the proceeds will be used to fund the acquisition, the group said, adding it has also placed 711,035 shares to raise £8.8m, which will be used to augment its working capital."We believe that Interfloor, as the market-leader, will be an excellent addition to the group, bringing the complementary established underlay brands of Tredaire and Duralay in alongside our growing portfolio of well-respected carpet and hard-flooring brands," said group chairman Geoff Wilding."In the UK, Interfloor and Victoria share many of the same customers and there will be significant opportunities to capitalise on this."Victoria shares were up 3.42% to 1,285.00p at 0842 BST.