Mindful Capital Partners and Miura Partners’ portfolio company Italcer Group, one of the European leaders in the ceramic tiles and bathroom furniture sector, has completed the acquisition of Ceramica Fondovalle (“Fondovalle”), a company specializing in the production of large slabs which has been operating in the Sassuolo district (Northern Italy) for over 50 years.
It is the seventh acquisition carried out by Italcer, following by the previous add-ons of La Fabbrica, Elios, Devon & Devon, Rondine, Cedir and Equipe Ceramicas. Fondovalle foresees to close 2022 with approximately €50 million in turnover and 8.5 million EBITDA.
After the acquisition of Fondovalle, Italcer becomes one of the leading European producers with the widest range of products, from small tiles to large slabs. The group is expected to reach a turnover of €370 million in 2022 and an EBITDA of €80 million in 2022.
Graziano Verdi, Group CEO, declared: “It has been a long time that we wanted to internalize the production of large slabs, a very promising segment in which we are already present with the AVA brand. Fondovalle has great credibility on the market and we are sure we will be able to further enhance its positioning. Our ADVANCE® anti-bacterial and anti-viral technology will be one of the levers for rapidly gaining market share in slabs, especially in the furniture segment”.
The transaction was financed with the bond subscribed by Pemberton, Equita, Green Arrow Capital and Azimut Libera Impresa. Assisting Italcer, in the role of M&A advisor, there was KT&Partners. For the legal aspects, the Group was assisted by Legance, while PwC held the role of debt advisor. KPMG, was in charge of the Financial, Business, Tax and ESG Due Diligence.
Sell side advisors included Labs as M&A advisors and Botti, Pagani & Partners and Studio Visconti as legal advisors.
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