Miura Partners and Mindful Capital Partners have signed an agreement for the sale of their stake in Italcer to the Austrian listed group Wienerberger, a global leader in innovative construction solutions and materials. The transaction is expected to close in the second quarter of 2026 and is subject to the approval of the relevant competition authorities and the fulfilment of other customary conditions for this type of transaction.
Miura’s investment project began in 2018 with the acquisition of Equipe Cerámicas, a global leader specialising in small-format ceramic tiles, which at the time generated revenues of €30 million. With Miura’s support, Equipe strengthened its leadership position in the United States and Europe, tripling its revenues and expanding its industrial footprint from one to four production plants in Spain.
In 2021, Miura and MCP promoted the integration of Equipe into Italcer with the aim of building a European premium ceramic surfaces group with greater scale and sector consolidation capacity. Since then, Italcer has undergone a profound strategic and industrial transformation, completing eight acquisitions and expanding its manufacturing presence in Italy and Spain to reach 11 industrial plants, with revenues close to €350 million in 2025.
Over this period, Italcer has consistently outperformed the market, achieving optimal profitability levels and building a strong international platform — with nearly 75% of revenues generated internationally — establishing itself as one of Europe’s leading premium ceramics players.
At the same time, Italcer has positioned itself as a benchmark for innovation and sustainability within the sector, becoming the first European producer of ceramic wall and floor tiles to operate a 100% electric kiln, among other pioneering sustainability initiatives. This positioning further strengthens the strategic fit with Wienerberger, as both share the objective of driving the sustainable transformation of the construction industry.
The integration into Wienerberger opens a new industrial chapter for Italcer, backed by a global leader with international reach and a clear strategy focused on diversification and sustainable growth.
This transaction reflects Miura Partners’ ability to identify companies with strong consolidation potential, support complex industrial transformation processes and successfully conclude the investment cycle through an orderly transition to a world-class strategic partner.
Jordi Alegre, Managing Partner at Miura Partners, commented: “Italcer is a clear example of our investment philosophy: partnering with outstanding management teams to build sector leaders through consolidation, internationalisation and operational excellence. Over these years, the group has multiplied its scale, strengthened its premium positioning and consolidated its leadership in sustainability. We are very pleased with the outcome achieved.”
Graziano Verdi, CEO of Italcer Group, stated: “Italcer’s journey fills me with pride: over these eight years, together with all the people in the company, we have worked intensively to build a reference player in a sector of great importance for Italy and Spain — high-end design ceramic surfaces — with an increasing focus on sustainability. With Wienerberger entering as the controlling shareholder, Italcer strengthens its positioning and embarks on a new five-year phase of strong growth, with the aim of reinforcing its presence in key markets such as the United States.”
Lorenzo Stanca, Chairman of Italcer and Managing Partner of Mindful Capital Partners, added: “We are proud to have built, in just a few years, one of the most relevant players in the sector at a global level. Despite years of significant uncertainty and market volatility, Italcer has continued to grow and expand across its main markets, confirming the strength of the investment fundamentals. We expect 2026 to bring further development and, with this outlook, we have decided to remain partially invested for an additional year.”
About Miura Partners
Miura Partners is a leading Spanish investment firm specialising in driving the transformation and growth of mid-sized and family-owned companies in the Iberian Peninsula and Southern Europe.
Founded in 2008 and headquartered in Barcelona, Miura partners with management teams to support consolidation, professionalisation and internationalisation processes, combining an industrial vision with a long-term approach.
Sustainability is a core pillar of its value creation model, integrating ESG criteria across all portfolio companies under a rigorous measurement and reporting framework.
Through its buyout, impact and long-term capital strategies, Miura has invested in more than 100 companies, with an aggregate transaction value exceeding €4 billion, and currently manages over €1.7 billion in assets under management
Photo: Graziano Verdi
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