Victoria builds fund for acquisitions
UPDATED 26 Feb • February 23, 2021
Victoria plc has moved to raise €500m of funds aimed at boosting its acquisitions programme following what the plc describes as continued strong operating performance and favourable market conditions.
The firm said last week it would offer €350m (£301.91m) in senior secured notes due 2026 with the proceeds to be used for "general corporate purposes, in particular acquisitions", and the partial refinancing of existing debt.
UPDATE: Due to strong investor demand which saw the share offer oversubscribed by 7x, the Group has now increased the offer to €500m.
The Board said acquisitions would be made in the short-term.
The move follows Victoria's announcement last October of a major investment of up to £175m by Koch Industries, one of the largest privately held companies in the United States, which proposed buying a 10% stake in the Kidderminster-based plc.
Victoria have already been one of the most active acquirers in the flooring sector and said in a statement last year: “The events of the last few months have revealed some potentially exceptional acquisition possibilities in Europe and the UK to grow Victoria substantially and the purpose of raising the capital is to enable Victoria to move quickly and decisively to capitalise on these potential opportunities.”
Victoria have already been one of the most active acquirers in the flooring sector and said in a statement last year: “The events of the last few months have revealed some potentially exceptional acquisition possibilities in Europe and the UK to grow Victoria substantially and the purpose of raising the capital is to enable Victoria to move quickly and decisively to capitalise on these potential opportunities.”
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