VLG has agreed a new £30m RCF (with a further £20m available subject to certain conditions). This provides significant additional low-cost funding to continue its growth strategy, including accretive acquisitions. With an exciting pipeline of opportunities, and a strong track record of delivery (including realisation of synergies), this news should be well received. In the first full year of earnings and synergy from its most recent BBIH acquisition, the EV/EBITDA multiple is currently just 10x (Dec’22).
