Home / Knowledge / News / Textiles / Victoria acquires Aussie carpet maker Quest
Victoria acquires Aussie carpet maker Quest
11
Aug '15
Courtesy: Victoria PLC
Courtesy: Victoria PLC
UK based manufacturer of carpets and floorcoverings Victoria PLC has acquired Aussie carpet manufacturer Quest Carpet Manufacturers Pty Limited and Quest Carpet Manufacturers Unit Trust.

The acquisition has come for an initial cash consideration of around £11.5 million and deferred cash consideration of £4.9 million, payable in installments of £1.6 million over the next three years.

“The total consideration represents a multiple of a little under 5 times Quest's normalised EBITDA for the year ended June 30, 2015,” a Victoria PLC press release informed.

Operating from facilities near Melbourne and employing a workforce of more than 200 people, Quest designs, sells and distributes premium quality carpets across Australia and New Zealand.

“All key senior management of Quest will remain with the business and it will continue to operate independently, whilst benefiting from the synergies of an enlarged group,” the press release added.

For the financial year ended June 30, 2015, Quest generated unaudited turnover of £28.1 million and normalised EBITDA of £3.3 million.

The acquisition is being funded, in Australian dollars, using Victoria's existing facilities with Barclays Bank and HSBC.

This is Victoria's fourth acquisition in the last 18 months, following the acquisition of Westex, Abingdon Flooring, and the Whitestone Group.

The group now operates from 6 manufacturing sites in the UK and 3 in Australia and confirms Victoria's strategy of growing its business with earnings enhancing acquisitions.

Geoff Wilding, Chairman of Victoria PLC said, "Quest Carpets is an extremely well-run and growing business and it took some time to persuade the current owners to accept our offer.”

“Quest is highly complementary to our existing business in Australia and so, while we remained disciplined with our offer, I think the vendors would agree we were quite persistent in our pursuit,” he too added.

According to Victoria, the acquisition will be immediately earnings enhancing for Victoria's shareholders even before the significant benefits expected to flow from the increased scale of its operations in Australia."

"We are immensely proud of what we have achieved since our founding in 1978 and believe the independence Victoria PLC gives its subsidiaries will ensure we maintain our unique culture,” Quest CEO Stephen Sunderland too said. (AR)

Fibre2Fashion News Desk – India


Must ReadView All

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

Pak ministry proposes extension to PM package for 2018-19

Textiles | On 21st Apr 2018

Pak ministry proposes extension to PM package for 2018-19

Pakistani textile ministry has reportedly proposed extending the...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search