Mittel buys 80% in Ceramica Cielo for €15m

The deal saw the GP inject a €15m equity ticket to purchase an 80% stake in the business. The GP did not disclose whether the capital invested was drawn from a closed-ended fund.

Following the deal, Cielo CEO Alessio Coramusi will maintain his role and reinvest in the business to retain a 20% stake.

The deal follows the acquisition of a 75% stake in elderly care homes operator Gruppo Zaffiro for €21.5m in November 2016.

Company
Founded in 1999 and headquartered in Viterbo, Cielo manufactures ceramic bathroom equipment. The company mainly focuses on the luxury segment.

According to a statement, the business posted €19m in revenues with a 20% EBITDA margin in 2016. The company claims to generate 20% of its sales from exports.

People
Gruppo Mittel – Rosatio Bifulco (chair, CEO).
Ceramica Cielo – Alessio Coramusi (founder).

Advisers
Equity – Orrick Herrington & Sutcliffe (legal); Deloitte (financial due diligence, tax); Ludovici Piccone & Partners (M&A).
Vendors – Pirola Corporate Finance (corporate finance); Pirola Pennuto Zei e Associati (tax).

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• Topics
• Buyouts
• Consumer
• Southern Europe
• Italy