Melbourne, 21 December 2016: Clayton Utz is advising UK-based floor coverings manufacturer Victoria PLC on its proposed A$34million acquisition of Australian underlay and hard wood flooring manufacturer Dunlop Flooring, from Pacific Brands Limited. The transaction was announced to the market on 15 December.
Clayton Utz partner Michael Linehan and senior associate Quentin Reidy are leading the transaction, which is expected to complete by March 2017 (subject to customary conditions precedent).
This is the latest strategic acquisition by Victoria PLC of an Australian based business, with the company acquiring Dandenong, Victoria based Quest Carpet in 2015 - a deal valued at approximately A$35 million. Michael and Quentin also advised Victoria PLC on that transaction, which Victoria PLC chairman Geoff Wilding said had contributed materially to the company's "outstanding" performance in the Australian market.
Michael said Clayton Utz was pleased to have the opportunity to work with Victoria PLC on another important and strategic acquisition as it expands its Australian footprint. Victoria PLC has approximately 1,800 employees and operates from ten sites in the UK, and five in Australia.