Mandarin's Italcer to collect NBOs in early January

Interested parties have been asked to submit bids by 10 January, according to a source close to the situation, who added that the sale is expected to complete quickly.

In October, Mergermarket reported that Mandarin had 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 in the year.

In November, Mergermarket reported that the luxury tile manufacturer had drawn preliminary interest from private equity firms Apollo Global Management and Lone Star, citing five sources.

The company will be marketed off EUR 65m EBITDA expected for 2021 and more than EUR 70m for 2022, as reported.

In parallel, Italcer has been granted exclusivity in a process to buy Italian peer Fondovalle, the first and a second source close to the situation told Mergermarket.

The parties are “strongly committed” to reach a deal, both sources said, suggesting that the signing is expected in Q1 2022.

The transaction will entail the whole capital of Fondovalle, the sources said. The target generates around EUR 40m revenue and EUR 6.5m EBITDA, they added.

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

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