Likewise seals £30m Valley deal

Flooring distributor Likewise has agreed to buy rival Valley Wholesale Carpets for £30m.

Founded in 1982, Valley has a strong presence in the south-east of England and the Midlands, with two principal distribution centres in Erith and Derby.

It had sales of £47.3m in the year ended 30 September, up 32% and EBITDA of £5.7m, up 89%.

Likewise says the deal is expected to be immediately earnings enhancing and is expected to deliver approximately 25% earnings enhancement during the first full year of ownership.

Likewise raised about £14m to help fund the deal by issuing 40million new shares, about 19% of shares. 

Directors bought a combined £280,000 worth of shares and existing shareholder directors saw their combined holding reduced from 28.4% to 23.3%.

Image: KSB Carpets.



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