Likewise Group PLC (AIM:LIKE) has agreed its first acquisition since floating in London in August, with a deal to buy UK rival Valley Wholesale Carpets.
Likewise, a distributor of residential and commercial flooring to retailers and contractors, will see its share of the UK flooring market increase to approximately 5.6% of the £1.9bn UK industry if it completes the purchase.
The deal for the Kent based Valley comprises an initial consideration of £24mln, payable at or shortly after acquisition completion, a deferred consideration of £1.0mln and the issue of 5mln Likewise shares.
Likewise confirmed that it had conditionally raised £14mln in a placing priced at 35p per share to use towards the acquisition.