Victoria PLC, the United Kingdom-based flooring designer, manufacturer and distributor, announced the acquisition of Florida-based International Wholesale Tile LLC (IWT). 

Established in 1994, IWT is a specialty distributor of ceramic & porcelain tiles, natural stone, luxury vinyl tiles (LVT), and decorative glass tiles as well as an array of tile and stone installation systems. The company generated unaudited sales of $63.2 million for the 12 months ending March 31, 2022. 

IWT sources product from suppliers in Europe, Asia, and South America and distributes from a company operated, 220,000-square-foot distribution facility located in Palm City, Florida, (about 80 miles north of Fort Lauderdale) to more than 1,700 dealers in Florida and across the United States. Key markets are residential repair and remodel, and new construction applications. Most customers have been with IWT for more than 10 years, providing a stable base of recurring revenue, Victoria PLC said. 

The acquisition of IWT continues Victoria’s strategy of growing its business in North America via the acquisition of successful distributors selling the same categories of product as the group manufactures and sells in Europe. While, as always, IWT (and our manufacturing operations) will remain commercially independent, there will be meaningful commercial synergies and efficiencies for Victoria from this acquisition.

Including IWT, Victoria’s North American-derived revenues will exceed $400 million, comprising 27% of the group's income.

Group Chief Executive Philippe Hamers commented: 

“Victoria has been profitably selling a significant amount of product into the $29 billion—and growing—US market for many years. The acquisition of Cali in July 2021 has proven to be very successful and IWT is a further step for Victoria into North America."

We were particularly attracted by the passion of IWT’s management team and their operational philosophy, which prioritizes customer service, ensuring product is in stock and providing rapid delivery. These are values we share at Victoria and which have driven our market outperformance in recent years.”