Victoria Flooring, the Worcestershire-based international designer, manufacturer and distributor of innovative flooring, has completed the acquisition of rugs division of Balta Group, the Belgium-based flooring company, along with its UK polypropylene carpet and non-woven carpet businesses, and the internationally-known brand, Balta.
The total consideration, taking into account working capital movements and cash generation since 29 November – when the deal was announced – is approximately €164 million (£139m).
Cyrille Ragoucy, Balta’s Chief Executive said: “I would like to thank the whole Balta team for the passion, the dedication and the hard work to achieve the completion of this mutually beneficial transaction with Victoria PLC.
“I wish our colleagues at Balta Home, the Residential PP business and Captiqs all the best under the new ownership.’
Philippe Hamers, Victoria’s Chief Executive said: “We are excited to have completed the Balta Rugs and Broadloom Carpet acquisition and we are looking forward to developing the planned synergies with our incumbent business.
“We cannot wait to get started working closely together with our new colleagues. I would like to thank the selling Balta management team for the professional and straightforward discussions which have led to this successful deal.”