A floor coverings firm has acquired a South East rival in a deal worth up to £30 million.
Likewise, which is headquartered on Birmingham Business Park in Solihull, has bought Kent outfit Valley Wholesale Carpets.
Likewise is AIM-listed and specialises in the distribution of residential and commercial floor coverings.
The company said the deal would increase its share of the UK flooring market to almost six per cent of a sector which it says is a £1.9 billion UK industry.
Likewise is paying an initial £24 million in cash, a deferred consideration of £1 million and the issue of five million ordinary shares in it.
Chief executive Tony Brewer said: "The Likewise team has 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."
Valley Wholesale Carpets will operate as an autonomous business within the Likewise Group which now includes a host of different names including Heatseam and H&V Carpets, following rapid growth since it was launched less than three years ago.
Valley Wholesale Carpets generated audited revenue of £47.3 million in the year to October 2021, up 32 per cent on the previous financial year, and EBITDA of circa £5.7 million, up around 89 per cent.
