Balta Group nv is pleased to announce that it has completed the sale of its Rugs, Residential polypropylene (Residential PP) and Non-Woven businesses, together with the Balta brand, to Victoria PLC (the Transaction, the Divested Businesses) on 4 April 2022.
The Transaction will allow the remaining Group to focus on developing its commercial businesses in Europe and the United States under the main brands modulyss and Bentley Mills respectively, as well as its premium European Residential polyamide (Residential PA) business (ITC).
The remaining Group will continue its activities under a new name, to be announced in Q3 2022. With the closing of the transaction, Balta Group nv has also settled the tender offer for its senior secured notes and refinanced other debt facilities.
Post completion, the group has outstanding senior secured notes of EUR 132m, a sale and lease back facility of EUR 20m and an undrawn RCF facility of EUR 45m. Cyrille Ragoucy, CEO and Chairman of the Board of Balta said, “I would like to thank the whole Balta Team for the passion, the dedication and the hard work to achieve the completion of this mutually beneficial transaction with Victoria PLC.
I wish our colleagues at Balta Home, the Residential PP business and Captiqs all the best under the new ownership. With the remaining team, I am looking forward to successfully develop our commercial businesses in Europe and the United States under the existing brands modulyss and Bentley Mills, as well as our premium European Residential polyamide business under the existing brand ITC.”
Philippe Hamers, CEO of Victoria said, “We are excited to have completed the Balta Rugs and Broadloom Carpet acquisition. We cannot wait to start working closely together with our new colleagues, and are looking forward to developing the planned synergies with our incumbent business. I would like to thank the selling Balta management team for the professional and straightforward discussions which have led to this successful deal.”
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