Mandarin's Italcer bolts on Devon&Devon

The deal sees Mandarin fully acquire the business and follows the acquisition of luxury ceramic manufacturer La Fabbrica and Modena-based tiles producer Elios Ceramica earlier this year.

Following the transaction, the GP plans to expand the group across the North American market and open a new production plant in the US. Italcer expects to generate €120m in revenues in 2017 and is aiming to complete additional bolt-on acquisitions to bring its turnover to €300m in 2018.

According to press reports, Mandarin plans to list the business in 2019.

The fund manager is invested in the group via its 2013-vintage vehicle, MCP II, which held a final close on €200m in January 2016, short of the €500m target.

Previous funding
Mandarin acquired La Fabbrica in April 2017. As part of the transaction, the GP secured a call option on the company's competitor La Tagina, according to a statement issued at the time.

In July 2017, the GP acquired Elios Ceramica.

Company
Founded in 1989 and headquartered in Florence, Devon&Devon produces luxury bathroom furniture. The business manages own-brand boutiques and has a presence in several retail stores across 80 countries in Europe, the US, Russia, Middle East, China and Australia.

People
Italcer – Graziano Verdi (CEO).

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• Topics
• Portfolio management
• Consumer
• Southern Europe
• Buy-and-build
• Build-up
• Italy
• Mandarin Capital Management SA