Victoria buys Edel for 42.9m
Carpets and floor coverings group Victoria has continued its expansion by buying a business in the Netherlands.
Edel Group designs, manufactures, and distributes artificial grass and carpets.
Kidderminster-based Victoria is paying £42.9 million for 103-year-old Edel and it being funded entirely from the group’s cash balances.
It has state-of-the-art and well-maintained yarn extrusion, tufting and backing production facilities in the Netherlands and Germany
Edel primarily supplies artificial grass for domestic and landscaping purposes across Europe, a market in which Victoria already has a strong presence following its February 2017 acquisitions of Avalon and GrassInc.
It also supplies carpet backing services utilising the same equipment.
The integration of Edel with Victoria’s existing artificial grass business will create the largest premium landscaping grass group in Europe with annual revenues of more than £66 million.
Victoria currently outsources the production of around 4 million sq metres of artificial grass.
Like all companies acquired by Victoria, Edel will continue to operate with a significant degree of autonomy under experienced and committed managers, whilst benefiting from being part of a much larger group in its ongoing drive for profitable growth.
Victoria executive chairman Geoff Wilding said: “Victoria has, so far this financial year, invested a little over £90 million to add approximately £17 million of EBITDA to the Group. We continue to have substantial amounts of capital to deploy and are in active discussions with additional high-quality opportunities to grow our business. Therefore, shareholders can expect further acquisitions in the weeks and months ahead.”
