LIKEWISE Group has announced it has entered into a conditional agreement to acquire Valley Wholesale Carpets, a UK-based distributor and wholesaler of carpets, for a maximum consideration of £30.0m.

Likewise Group listed earlier this year in August 2021, and achieved profitability with revenues of £28m for the six months ended 30 June 2021.

Valley Wholesale Carpets, founded in 1982, is a distributor and wholesaler of carpets to independent retailers across the UK. It says it has a strong presence in southeast England and the Midlands, with two principal distribution centres in Erith and Derby.

The acquisition of Valley Wholesale Carpets is expected to be immediately earnings enhancing and is expected to deliver about 25%. Earnings enhancement during the first full year of ownership.

Valley Wholesale Carpets generated audited revenue of £47.3m in the year ended 30 September 2021, up 32% on the previous financial year, and EBITDA of c£5.7m, up c.89%.
www.likewiseplc.com