Victoria goes Dutch for artificial turf maker Edel | Business
Celebrity gardeners may hate it – and worms and snails aren’t its biggest fans – but its critics didn’t stop Geoff Wilding, Executive Chairman of Victoria, from donating € 49.4 million to bolster the Aim-listed flooring group’s artificial turf offerings.
Victoria buys the Netherlands-based Edel, the designer, manufacturer and distributor of lookalike grass, with “production facilities for yarn extrusion, tufting and backing” at three locations in the Netherlands and Germany.
Edel achieved sales of 47.6 million euros and adjusted earnings of 10 million euros last year. In the past four years, sales have increased by around 7 percent annually. Victoria is also assuming the company’s net debt of € 20 million.
The deal will be made by Kidderminster-based Victoria, which employs 3,700 people in the UK, European Union and the UK