Cali Bamboo (San Diego, Calif.) was purchased for $76.1 million USD by Victoria PLC, a Kidderminster, England-based publicly traded flooring giant with 25 locations and 3,800 employees across the globe.
Approximately $27.8 million of net debt Cali had accumulated was repaid following the acquisition. The purchase will expand Cali’s product offerings with access to European and Australian substrates, fabrications and partnerships with other Victoria-owned brands, the company said. Victoria, the largest carpet manufacturer in the U.K. and second-largest in Australia, will expand its U.S. distribution, where it currently sells $33 million of flooring per year, according to the company. Cali will continue to operate autonomously and remain “ultimately responsible for its topline and bottom-line success,” the company added.
“Cali has experienced phenomenal growth and strong omni-channel market penetration over the past two years, and we are well-poised to take our success to the next level,” Cali CEO Renee Thomas Jacobs said in a statement. “Being a part of the Victoria PLC family will provide us additional infrastructure and support to accelerate product innovation and new market growth.”
For the 12 months ended April 30, 2021, Cali generated unaudited revenues of $171.6 million. It is consistently ranked as one of the fastest growing companies in the U.S.