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

Courtesy: American Silk Mills

Textiles | On 18th Oct 2017

Sutlej Textiles adds American Silk Mills to its portfolio

Sutlej Textiles and Industries Ltd (STIL) has announced the...

Arvind Limited executive directors Punit Lalbhai (left) and Kulin Lalbhai explaining the project to Gujarat chief minister Vijay Rupani. Courtesy: Arvind Ltd

Apparel/Garments | On 18th Oct 2017

Arvind to set up mega apparel facility in Gujarat

Arvind Limited, one of India’s largest textile to retail...

Cotton stocks accumulating everywhere outside of China

Textiles | On 18th Oct 2017

Cotton stocks accumulating everywhere outside of China

Global cotton stocks outside of China are expected to rise by nearly...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Nitesh Mittal

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

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Marcel Alberts
Eurofibers

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Madhu Jain
Madhu Jain

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

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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

October 2017

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
77.3%
No
13.6%
Skip
9.1%

Total Votes: 66

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
60.6%
No
28.8%
Skip
10.6%

Total Votes: 66

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
84.8%
No
10.6%
Skip
4.5%

Total Votes: 66

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
74.2%
No
12.1%
Skip
13.6%

Total Votes: 66


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