Italcer, parent company of the ceramic group controlled by Mandarin Capital Partners II, has acquired a 100% shareholding in Ceramica Rondine based in Rubiera, Reggio Emilia, Italy. The deal was completed on 15th October.
This was Italcer’s fourth acquisition in under a year and a half, following those of La Fabbrica, Elios Ceramica, and Devon&Devon. Rondine is the most significant acquisition so far in terms of turnover. Under the leadership of Lauro Giacobazzi, the outgoing owner, together with Turkish partner Seramiksan, Ceramica Rondine has recently achieved outstanding results in terms of both growth and profit margins, posting revenues of around Euro 110 million in 2017.The Italcer Group has now established itself as one of the leading Italian players in the sector with a turnover of almost Euro 200 million and EBITDA of more than Euro 35 million.
The project, led by Italcer’s CEO Graziano Verdi, that aims to create a cluster of medium to high-end ceramic companies, is proceeding at a rapid pace with the goal of generating significant manufacturing and sales synergies in a fragmented, if highly competitive, sector.
“We believe we have created a highly significant industrial project,” says Lorenzo Stanca, Chairman of Italcer. “Larger groups can compete more effectively and invest more in R&D, which are essential tools for success in world markets and for overcoming the problems associated with small size; one of the main weaknesses of the Italian industry.”
“The companies we have chosen all have different distinctive qualities that will enable the Group to establish itself amongst the elite of the world’s best companies and, thereby, accelerate their development process,” comments Verdi. “With Rondine we will consolidate the Group’s structure and, at the same time, acquire a highly qualified management team.”
The goal of initiating the listing process for the Italcer group starting from the second half of 2019 was also confirmed. “As a key player in the Italian luxury and creative segment, we believe that Italcer still has considerable potential for expansion through both internal growth and acquisitions, making it an attractive proposition for stock market investment,” says Stanca.
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