Flooring giant swoops for Lancashire firm in £65m deal
LANCASHIRE carpet underlay manufacturer Interfloor has been acquired by international flooring specialist Victoria PLC for £65m.
Interfloor is one of the UK’s leading manufacturers of carpet underlay, primarily through the long established brands Treadaire and Duralay, and supplier of related flooring accessories under the Gripperrods and Stikatak brands.
Based on a 10-acre site in Haslingden, it was created by the merger of Tredaire and Duralay in 2002, with a heritage that dates back to the 1940s.
Since 2005, Interfloor has been owned by Milestone Capital Partners LLP, Hutton Collins Capital LLP, and members of the management team.
In May, Interfloor had total assets of £52.24m and turned over £73.29m (2014: £68.85m) and EBITDA was also up from £6.7m to £10m.
Victoria chairman Geoff Wilding said: “We believe that Interfloor, as the market-leader, will be an excellent addition to the Group, bringing the complementary established underlay brands of Tredaire and Duralay in alongside our growing portfolio of well-respected carpet and hard-flooring brands.
“In the UK, Interfloor and Victoria share many of the same customers and there will be significant opportunities to capitalise on this.
“In line with our other recent acquisitions, the acquisition will be materially earnings enhancing and value creating for shareholders.
“Working in conjunction with the very experienced operational management team at Interfloor, we expect to be able to drive operational efficiency improvements in future years.
“In the board’s view this is another high quality acquisition and we are pleased to welcome Interfloor to the Group.”
