Ceramiche Serra acquired by UK-based group Victoria PLC

Victoria PLC, a UK manufacturer and distribution of flooring materials (carpet, LVT and parquet) listed on the London Stock Exchange, has announced its entry into the ceramic tile sector through the acquisition of Ceramiche Serra, an Italian company based in Torre Maina (Modena) and led by Pietro Fogliani.

The total value of the operation is 56.5 million euros, including 36.5 million euros on completion of the deal (expected by December 2017) and the balance of 20 million euros over the next four years, dependent upon the company achieving certain earnings targets. Ceramiche Serra, which posted revenues of 28.2 million euros and adjusted earnings of 10.5 million euros in 2016,  will continue to operate with a significant degree of autonomy and the existing management team will remain with the business.

Geoff Wilding, Chairman of Victoria PLC, stressed the importance of this first acquisition in the ceramic industry. It will strengthen the group’s organic growth, allowing it to diversify its business and market exposure and continue its transformation into a genuinely international flooring business. Post-completion, the group will have approximately 1,800 employees and will operate from 20 sites in the UK, Australia, Netherlands, Belgium and Italy, while almost 40% of its earnings will come from outside the UK. In the business year to 1 April 2017, Victoria posted consolidated revenues of £330.4 million, 29.5% up on the previous year.