Victoria Carpets Plc has completed the purchase of B3 Ceramics Danismanlik, a mid-market manufacturer and exporter of ceramic tiles based in Izmir, Turkey
Last year Victoria announced that it intended to acquire B3 Ceramics Danismanlik (Graniser) for €8.4 million ( £7.1 m), plus the repayment of approximately €39.8 million (c. £33.7m) of net debt. The acquisition completed yesterday, following regulatory approval by the Turkish competition authorities. Settlement of the consideration and Graniser’s previous debt were funded entirely from the Group’s cash balances.
Victoria Carpets has welcomed the additional production capacity of 21 million sq m per annum that the Graniser acquisition adds to Victoria’s existing 52 million sqm, is welcomed.
Approximately 70 per cent of Graniser’s revenue is denominated in Euros and the business currently generates normalised EBITDA of approximately €9 million (c. £7.7m) per annum.