Koch Equity Development invests preferred equity in AIM listed Victoria plc

Client(s) Koch Equity Development LLC

Jones Day advised Koch Equity Development LLC ("KED"), the acquisition and investment subsidiary of Koch Industries, Inc., on its investment into AIM listed Victoria plc ("Victoria"), a UK-based global designer, manufacturer, and distributor of flooring products. KED has committed to invest up to £175 million in Convertible Redeemable Preferred Shares to be issued by Victoria, and has also purchased 12,500,000 of Victoria’s Ordinary Shares from Invesco Asset Management Limited ("Invesco"). The purchase from Invesco was at an aggregate purchase price of £43.75 million. As part of the transaction, Victoria has also granted to KED warrants to subscribe a maximum of 12,402,000 of Victoria’s Ordinary Shares at an exercise price of £3.50 per share.

KED’s investment in Victoria is a landmark transaction in the UK and is among the first preferred equity investments in a UK plc of this type.