Flooring giant acquires Florida-based distributor for $28m
Kidderminster flooring designer, manufacturer and distributor Victoria has announced its acquisition of International Wholesale Tile LLC (IWT) for $28.5m (£24.9m).
IWT is a distributor of ceramic and porcelain tiles, natural stone, luxury vinyl tiles, and decorative glass tiles based in Florida and for the 12 months ended 31 March 2022, IWT generated unaudited revenues of $63.2m.
The firm sources product from suppliers in Europe, Asia, and South America and distributes from a company-operated, 220,000 sq ft distribution facility located in Palm City (about 80 miles north of Fort Lauderdale) to more than 1,700 dealers in Florida and across the United States.
Leading 122 employees, IWT’s management team has committed to continue to manage the business for a minimum term of four years.
Philippe Hamers, Group Chief Executive of Victoria said: “Victoria has been profitably selling a significant amount of product into the US$29 billion – and growing – US market for many years. The acquisition of Cali in July 2021 has proven to be very successful and IWT is a further step for Victoria into North America.
“We were particularly attracted by the passion of IWT’s management team and their operational philosophy, which prioritises customer service – ensuring product is in stock and providing rapid delivery. These are values we share at Victoria and which have driven our market outperformance in recent years.”
Geoff Wilding, Executive Chairman of Victoria said: “Whilst the Board remains mindful of the macroeconomic headwinds across the globe, it maintains a long-term view in its mission to create wealth for shareholders.
“Consequently, when very attractive acquisition opportunities arise, we simply focus on ensuring we are buying high quality, resilient businesses at valuations that provide a margin of safety for our shareholders. We believe IWT represents such an opportunity with its steady growth over an extended period, high quality management, and significant synergy opportunities.”
