Nazca exits Moldcom to Cranemere's ES Group

Alessia Argentieri
04 December 2020

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Nazca Capital has sold Moldcom Composites (McBath) to Engineered Stone Group (ES Group), a portfolio company of Cranemere.

The sale ends a three-year holding period for Nazca, which acquired the business alongside the management team from Valencia-based family office Grupo Zriser.

This is the first divestment made by Nazca IV, which was launched in May 2016. Following a €250m first close reached in October 2016, the GP held a final close on the fund's €275m hard-cap in December 2016. The vehicle is currently fully invested.

With this divestment, the fund has obtained a return of more than two times the amount invested.

Under Nazca's ownership, Moldcom increased its sales by 50%, scaled up its team with 60 new hires, boosted its international expansion and launched new products in the shower tray and washbasin segments. The company consolidated its position in the French market, further expanded in Italy and penetrated new geographies by entering the Polish and North American markets.

ES Group was established by Cranemere in February 2020. It currently comprises Marmite, Acquabella and F&D, which specialises in the production of engineered stone bathroom products, including shower trays, basins, bathtubs and panels.

Following this acquisition, the existing management team of Moldcom, led by CEO Javier Andrés Alemany, will continue to run the business.

Company
Founded in 2006 and headquartered in Ribarroja, near Valencia, Moldcom produces cast marble bathroom equipment, including shower trays and washbasins, and operates both under its own McBath brand and for third parties.

Employing 120 staff, the company generated EBITDA of €5m from revenues of €25.5m in 2019. The business exports around 80% of its production, with France and Italy representing its main markets.

People
Nazca Capital – Carlos Carbó (CEO).
Moldcom Composites – Javier Andrés Alemany (CEO).
Engineered Stone Group – Brian McCluskie (CEO).

Advisers
Vendor – Livingstone Partners (corporate finance); Latham & Watkins (legal); Cuatrecasas (legal).
Acquirer – Houlihan Lokey (legal); Milbank (legal); Hogan Lovells (legal).