Italcer draws attention from Apollo Global and Lone Star

The sale process is expected to be launched within the next two weeks, as teasers are largely ready for distribution, the sources said.

The asset is appealing and profitable, one of the sources familiar said, suggesting it may appeal to a large field of potential suitors. Last month, Mergermarket cited a source as saying Italcer may achieve EBITDA of EUR 67m-68m this year. On its website, Italcer offers revenue guidance of EUR 220m, eyeing EBITDA of EUR 50m for 2021.

Both financial sponsors and industry players will be invited to bid, the sources said.

Last month, Mergermarket reported that vendor Mandarin Capital Partners added Legance and Bain & Company to its sell-side advisory roster, which also includes IMI-Intesa Sanpaolo, Credit Suisse, Banco Sabadell and Scouting Capital Advisors, which were hired earlier this year, as revealed by Mergermarket in July.

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

The company has invested more than EUR 80m in M&A over the last few years, as reported. In 2017, it bought Italian high-end floor- and wall-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 in March this year, it bought Spain's Equipe Cerámicas, as reported.

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

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• Topics
• Exits
• Buyouts
• Southern Europe
• Industrials
• Mandarin Capital Management SA
• Apollo Management
• Lone Star Funds