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Victoria, the acquisitive flooring group, has agreed to buy Spanish flooring producer Cerámica Saloni for €96.7 million, the third major ceramic tile business it has bought in less than a year.

 

The Kidderminster headquartered company is buying Saloni from a diversified industrial group called Obinesa, which also has interests in the construction, building materials and automotive sectors.


Victoria is funding the deal in part through a share placing that today raised £60.5 million from new and existing shareholders, with the remainder through a new banking facility from HSBC and Barclays.


Saloni recorded adjusted EBITDA of €15.6 million on sales of €106.3 million last year and is based at Castellón near to Keraben, the other major Spanish tile maker acquired by Victoria in the past 12 months.


Victoria entered the ceramics sector after buying Italian tile maker Ceramiche Serra in a €56.5 million deal last autumn, quickly following that up with its €274 million acquisition of Keraben.


It said it expected Saloni to make a contribution to profits immediately adding that it was confident there would be synergies to be delivered by the two Spanish outfits. 65 percent of Victoria group revenues will be generated outside the UK following the deal.

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