Royal Mosa

Investors

Egeria has acquired Royal Mosa, a Dutch manufacturer of ceramic tiles. The investor will take a majority interest from a consortium of Dutch investors, including Holland Venture, and Italian tile producer Riwal Srl. Further financial details were not disclosed apart from Egeria's new majority shareholding in the company, which gives them full control. The management holds a small stake in the company. Egeria proactively sourced the deal, with a letter of intent signed at the end of March 2005; approval from the competition authorities was received by mid-June, and the final sale and purchase agreement was signed on 15 June 2005.Egeria is in the process of finalising its latest fund, Egeria Private Equity Fund II, of which Royal Mosa is its third investment. Final closing is expected in September of this year.

Debt structure

ING Bank's leveraged finance team provided the debt package, which was a mix of senior, working capital and additional future capex lines. Further details were not disclosed.

Company

Royal Mosa focuses on the international architectural market, and the consumer market in the Netherlands. Around six million square metres of wall and floor tiles are sold a year in 25 different countries on four different continents. Based in Maastricht, the company produces a wide assortment of innovative products in two locations, including tiles with integrated LED lighting. Founded in 1887, it employs around 410 staff in its two factories in Maastricht. According to last year's annual report, net sales were E64.2m, with a deprecation of E3.7m and an EBIT of E9.6m. Egeria and the company plan to expand into other European countries, keeping the company highly focussed on the international architectural niche market. Mosa is currently in the process of expanding its production facilities; in anticipation of the growing demand for its products, the company will open a new tile factory in December 2005, where it will be possible to produce larger tiles of up to 120cm. Furthermore, a plan has been made to increase the factories current capacity further during the next five years.

People

Mark Wetzels headed the execution for Egeria, along with Steven Le Poole and Hans van der Brakel; Peter Visser contributed with partner supervision. Ronald Vochteloo led the debt team for ING.

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