Wed, 15 Dec 2021 | BUSINESS SALE
Flooring firm Likewise Group has entered an agreement to acquire Kent-headquartered Valley Wholesale Carpets in a deal that could reach £30 million. The potential fee would represent a multiple of around 5.2x Valley Wholesale’s £5.7 million EBITDA for the year ending September 30 2021.
This EBITDA represents approximately an 89 per cent increase on the previous year, driven by Valley Wholesale’s revenue rising 32 per cent to £47.3 million. At the time, the company total assets less liabilities were valued at £24.7 million.
Through the acquisition, Likewise Group will be able to significantly grow its presence in the South East and Midlands and boost its logistics network within the UK. The company says the acquisition will see it increase its share of the UK’s £1.9 billion flooring market to around 5.6 per cent.
The deal involves a £24 million initial consideration, payable upon completion, as well as a £1 million deferred consideration and the issuing of five million ordinary shares in the group.
Likewise Group Chief Executive Tony Brewer said: "The Likewise Team have made significant progress over the last 18 months and the acquisition of Valley Wholesale Carpets is a major additional step forward in the aspirations of Likewise to develop a meaningful flooring distribution business throughout the UK.”
“Many thanks to our management and staff for their contribution and efforts in addition to the support of our suppliers, customers and shareholders to enable the development of Likewise to date and we look forward to an exciting future.”
“We also welcome the management and Staff of Valley Wholesale Carpets and whilst being an autonomous business it will very much form part of Likewise and our future. We also give our best wishes to Stephen, David, Kate and the Mitchell family for the future.”
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