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Victoria acquires Dutch artificial grass business Edel for €49.4m
StockMarketWire.com
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Flooring manufacturer Victoria said it had acquired Dutch artificial grass and carpets group Edel €49.4 million.
Edel was also carrying about €20.0 million of net debt.
Victoria said the acquisition marked a substantial expansion of its existing artificial landscaping grass business.
Edel generated revenue for the year through December of €47.6 million and normalised earnings before interest, tax, depreciation and amortisation of €10 million.
Victoria said the deal was funded entirely from its cash balances.
'Edel is an exceptionally well invested business with state-of-the-art and well-maintained yarn extrusion, tufting and backing production facilities located in the Netherlands and Germany, making it a best-in-class producer,' it said.
Story provided by StockMarketWire.com
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