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Victoria buys into the American green
June 23, 2021
Acquisitive UK flooring conglomerate Victoria is acquiring a high growth US-based eco-friendly LVT and hard flooring supplier Cali Bamboo for $55m and anticipates importing its green and tech savvy credentials into the group's European operations.
Cali Bamboo has strong appear to the younger 'millenial' generation with a back-story which includes being set-up by Californian surfers in 2004 and high growth ever since leveraging its environmental credentials and applying state-of-the-art marketing techniques.
Cali Bamboo had sales of £124m in the year to April 2021 and has achieved annual growth of 17% over the last five years for wood, cork, bamboo and LVT flooring.
In a statement to investors, the Victoria group commented: "The Cali lifestyle brand and sustainability-themed product portfolio resonates in particular with millennials, the largest US demographic, now entering their peak home-buying years (38% of home sales in 2019 were to Millennials).
"The integration of Cali with Victoria’s existing business will create opportunities for value-creating revenue synergies by expanding Victoria’s US distribution, where the Group currently sells c. US$33 million of flooring each year.
"However, very significantly, the acquisition also gives Victoria access to the intellectual property and online management experience of Cali, which the Group will leverage to partner with its key retailers to accelerate growth in its existing UK, European, and Australasian markets," said Victoria plc.
"However, very significantly, the acquisition also gives Victoria access to the intellectual property and online management experience of Cali, which the Group will leverage to partner with its key retailers to accelerate growth in its existing UK, European, and Australasian markets," said Victoria plc.
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