Alpha acquires ceramics specialist Laminam

Kenny Wastell and Alessia Argentieri
24 April 2019

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Pan-European buyout firm Alpha Group has acquired a controlling stake in Italian ceramics manufacturer Laminam.

Laminam was reportedly valued at around €250m, which would equate to almost 10x its 2018 EBITDA of €26m.

The vendors are the company's CEO, Alberto Selmi, and System Group, a company controlled by Laminam's founders, the Stefani family.

According to the deal, Selmi will continue to lead the business, together with the management team, and will reinvest his proceeds to further increase his stake.

The transaction involved the following companies: Laminam Spa, Laminam Rus, Laminam USA, Laminam China and Laminam Service.

To finance this acquisition, Alpha deployed capital from its €903m seventh fund, Alpha Private Equity Fund 7. The vehicle invests tickets in the €50-200m range for majority stakes in companies valued at €100-500m.

In addition, a debt package to support the deal was provided by Banco BPM.

Company
Founded in 2001 and based in Fiorano Modenese, Laminam manufactures a range of ceramic products from furnishings such as kitchen worktops and tables to architectural cladding and wall tiles. The business generated EBITDA of €26m from revenues of €110m in 2018.

People
Alpha Group – Edoardo Lanzavecchia (managing partner).
Laminam – Alberto Selmi (CEO).

Advisers
Equity – Pedersoli Studio Legale (legal); Gattai Minoli Agostinelli & Partners (legal); Banca Akros (corporate finance); Deloitte (corporate finance); Boston Consulting Group (financial due diligence); Fineurop (corporate finance).
Company – Studio Pincelli e Associati (legal); PwC (corporate finance).