International Wholesale Tile — Acquisition by Victoria plc
Florida-based ceramic and porcelain tile distributor acquired by UK-listed flooring group Victoria plc, illustrating the strategic value of established tile distributors with regional customer networks and consistent profitability, with revenue above the SME benchmark.
This transaction involved a business above the $1m–$50m SME revenue benchmark. It is included for industry context and is not a direct SME comparison.
Acquirer
Victoria plc
Year
2022
Announced Consideration
$28.5m
Revenue
$63.2m (FY2022)
Adjusted EBITDA
~$7.0m
Announced Consideration / EBITDA
~4.1×
Industry
Stone & Tile Business
Transaction
On 17 October 2022, UK-listed flooring group Victoria plc completed the acquisition of International Wholesale Tile (IWT), a Florida-based distributor of ceramic and porcelain tiles. For the 12 months ended 31 March 2022, IWT generated approximately $63.2 million in revenue and $7.0 million in normalised EBITDA, representing an EBITDA margin of approximately 11.1%. Victoria initially announced consideration paid on completion of $28.5 million, with additional contingent payments dependent on future growth and earnings performance. Dividing the announced consideration by historical normalised EBITDA produces an indicative ratio of approximately 4.1×. However, Victoria's subsequent FY2023 audited accounts reported $16.8 million of completion cash consideration and $6.0 million in present-value contingent consideration. These figures differ from the original announcement and have not been fully reconciled here. Consequently, the 4.1× figure should not be treated as a definitive transaction EV/EBITDA multiple.
Why the Premium?
- Established ceramic and porcelain tile distribution business
- Strong regional presence in Florida
- Existing trade and contractor customer relationships
- Approximately $63 million in historical annual revenue
- Complementary product offering within a larger flooring group
- Potential procurement and distribution synergies
SME Takeaway
The International Wholesale Tile acquisition illustrates the strategic value of established tile distributors with regional customer networks and consistent profitability. The approximately 4.1× announced-consideration-to-EBITDA ratio falls within SME Multiples' indicative 2.5×–5× EBITDA range for stone and tile businesses. However, the acquired company's $63.2 million historical revenue exceeds the site's $1m–$50m SME revenue benchmark. Furthermore, contingent consideration and differences between the initial announcement and audited acquisition accounting limit the reliability of a single headline valuation multiple. This transaction is therefore best treated as a larger strategic acquisition reference rather than a directly comparable SME EV/EBITDA benchmark. The approximately 4.1× ratio is calculated from the original announced consideration and historical normalised EBITDA. It is not a buyer-reported enterprise-value multiple. Subsequent audited consideration disclosures differ from the original announcement.
Sources
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.