Mandarin buys Ceramica Rondine

Alessia Argentieri
27 September 2018

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Sino-Italian private equity firm Mandarin Capital Partners has fully acquired ceramic tiles designer and producer Ceramica Rondine.

Mandarin bought the company equally from Rondine CEO Lauro Giacobazzi, and Turkish ceramic specialist Seramiksan group, which has controlled its 50% stake since 2013.

The GP purchased Rondine via its holding company, Italcer, established by Mandarin in partnership with CEO Graziano Verdi in April 2017 to pursue a buy-and-build strategy aimed at creating a large Italian ceramic tiles group.

Prior to Rondine, Mandarin's Italcer acquired luxury ceramics manufacturer La Fabbrica in April 2017, Modena-based tiles producer Elios Ceramica in August 2017 and Florence-headquartered bathroom business Devon&Devon in September 2017.

The GP deployed capital from its MCP II fund to finance the investment. The vehicle held a €110.5m first close in September 2013 and a final close on €195m in December 2015, falling short of the €500m target set in March 2013. The firm is planning to launch a new fund, Mandarin Capital Partners III, with a target between €250m and €300m in October 2018.

In addition to the capital drawn from MCP II fund, a debt package was provided by a debt fund to support the transaction. Additional funding came from an international LP and Italcer CEO Verdi, who co-invested in the deal, Unquote understands.

The GP told Unquote that following this last acquisition Italcer expects to reach EBITDA of €35-40m and revenues of €200m in 2018, and will be listed on the Italian stock exchange in 2019.

Previous funding
Progressio acquired a stake in Rondine via its Progressio Investimenti fund in December 2006, and sold it to Seramiksan in June 2013.

Company
Founded in 1961 and based in Rubiera, near Reggio Emilia, Rondine designs, manufactures and distributes ceramic floor and wall tiles for both indoor and outdoor use. The company has three production facilities located in Rubiera, Vetto and Sassuolo, and generated EBITDA of €24m from revenues of €108m in 2017.

People
Mandarin Capital Partners – Lorenzo Stanca (managing partner).