Bank of Ireland has seized the opportunity to support Victoria Plc’s expansionary plans with a participation in the Groups’ new €177.95m term loan facility agreed to support the acquisitions of Keraben, a large, branded, mid-to-high end tile producer based in Spain, and Serra, a smaller, specialist tile producer with a more focused offering based in Italy.
The acquisitions will spearhead the Group’s diversification into a wider range of floor coverings with its extensive design and production capabilities, which will complement Victoria’s existing reputation as one of the UK and Australia’s leading carpet manufacturers.
Commenting on the transaction, Andy Morris said “We are delighted to be able to support Victoria as it continues to diversify its revenue streams and increase its scale, through its highly selective acquisition strategy. Victoria is a fantastic growth story and we look forward to building on our relationship with the Company.”
This sentiment was echoed by Victoria’s Group Finance Director, Michael Scott, who said, “We are delighted to gain the support of our banking group for the acquisitions of Keraben and Serra. We are also pleased to add Bank of Ireland to our group of relationship banks and look forward to working with them in the future”.