British Growth Fund (BGF), the bank-backed fund focused on helping British businesses, has invested £10m ($16.2m) in carpet manufacturer and distributor Victoria.
Victoria designs, manufactures and distributes carpets and other floor coverings, and will use the funds to support it’s growth strategy. It will also enable the company to acquire carpet manufacturer Abingdon Flooring for $12.4m.
Geoff Wilding, executive chairman of Victoria, said: “We are delighted that the Company has acquired Abingdon with the support of BGF. The acquisition of Abingdon Flooring represents the second significant step forward for Victoria, following the acquisition of Westex in December last year. By integrating Abingdon into the Group, we anticipate accelerating Victoria’s growth by enhancing its combined offering and reach across the UK.
“Overall, when added to our existing operations the two acquisitions have together substantially increased the scale, breadth and reach of Victoria’s offering and are expected to be immediately earnings enhancing. Our focus is on integrating the business and delivering the synergies and growth.”
As part of the deal, Gavin Petken, regional director at BGF, will now join Victoria’s board of directors.