Brown Rudnick Advises Victoria PLC on Acquisition of Keraben Grupo S.A
PUBLISHED ON: 12/12/2017
In November, our client Victoria PLC ("Victoria"), an international manufacturer and distributor of innovative flooring products trading on AIM, acquired the entire issued share capital of Keraben Grupo S.A., a substantial Spanish manufacturer of branded floor and wall ceramic tiles, from Tensile-Keraben Holdings Sarl, an associated company of Tensile Capital Management LLC (a US private equity firm), family owners and management. This followed on from Victoria becoming the 'preferred bidder' only weeks before, pursuant to an auction process.
The consideration was satisfied partly through a placing of new ordinary shares by Victoria to raise proceeds of approximately £180 million and partly through a new underwritten syndicated debt facility. The Placing was undertaken by Cantor Fitzgerald Europe and Berenberg as joint bookrunners.
The team, led by corporate partner Lena Hodge, included Tracy Fisher (on tax matters) and Agnes Abosi (on financing matters) and Marie Fong-Sing.