Florida flooring for Victoria
October 19, 2022
Victoria plc has an announced the pounds £25m acquisition of Florida-based flooring distributors, International Wholesale Tile LLC (IWT).
IWT is a specialty distributor of ceramic and porcelain tiles, natural stone, LVT and decorative glass tiles as well as an array of tile and stone installation systems.
The acquisition has enjoyed strong growth and its £63m turnover will take Victoria’s North American-derived revenues to over $400 million – that's 27% of the Kidderminster-based group’s income.
In its statement the shareholders, Victoria said: :The acquisition of IWT continues Victoria's winning strategy of growing its business in North America via the acquisition of successful distributors selling the same categories of product as the Group manufactures and sells in Europe.
"While, as always, IWT (and our manufacturing operations) will remain commercially independent, there will be meaningful commercial synergies and efficiencies for Victoria from this acquisition.," it said.
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