Mandarin Capital mandates advisers for Italcer sale

MCP has hired IMI-Intesa Sanpaolo, Credit Suisse, Banco Sabadell and Scouting Capital as advisers, two sources close to and four sources familiar with the situation said.

The advisers will start working on the deal between September and October, the sources close said, and the sale will kick off between late autumn and winter with teasers to be sent to both private equity firms and industry players.

Italcer's EBITDA is in the region of EUR 65m, these two sources said.

Mandarin, Italcer, IMI Intesa Sanpaolo, Credit Suisse and Scouting declined to comment. Banco Sabadell did not return requests for comment.

Italcer was founded in spring 2017 by MCP's second fund and Graziano Verdi, who was previously chairman and CEO at ceramics companies Iris-Granitifiandre Group and Koramic. MCP is the largest shareholder.

Italcer has invested more than EUR 80m in M&A over the last few years, as previously reported by Mergermarket. In 2017, it bought Italian high-end tiles producer la Fabbrica Ceramiche; Elios Ceramica, which makes artistic ceramic tiles; and the luxury bathroom brand Devon & Devon. In 2018, it acquired Italian rival Rondine, according to the Mergermarket database.

Last year, the group acquired Bologna-based Cedir for around EUR 4m, advised by Legance, and it bought Spain's Equipe Cerámicas in March this year.

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