Miura sells Equipe Cerámicas to Mandarin's Italcer

The combined group will be led by Italcer CEO Graziano Verdi, while Equipe CEO Rogelio Vila will continue to lead Equipe's operation and workforce. 

Miura will reinvest in the deal and retain a minority stake in the new entity.

A source close to the situation told Unquote that after the deal Mandarin will own a stake of around 55%, while Miura and the founding family will hold a stake of approximately 45%.

The sponsors intend to sell the company next year and are considering the possibility of an IPO, the source told Unquote.

Italcer was established by Mandarin via its second fund in 2017, as an aggregation platform in the ceramics sector. The group has inked several add-ons and is currently composed of Ceramica Rondine, La Fabbrica Ceramiche, Elios Ceramica, Cedir and Devon&Devon.

Headquartered in Rubiera, Italy, Italcer specialises in manufacturing outdoor and indoor ceramic products, with a focus on high-end residential and non-residential ceramic tiles. It employs 570 staff and sells its products in 80 countries worldwide, exporting 80% of its production outside Italy, primarily across the rest of Europe and the US. 

Italcer generated EBITDA of €27m from revenues of €152m in 2020 and expects to reach EBITDA of €34m in 2021, the source told Unquote. Following the Equipe add-on, Italcer forecasts EBITDA of €50m from revenues of €220m in 2021.

This sale ends a three-year holding period for Miura, which invested in Equipe in 2018, via its €200m Miura Fund II. A debt package to finance the transaction was provided by Banco Santander with the participation of CaixaBank and Banca March. Under Miura's ownership, the company doubled its production capacity and increased its revenues.

Company
Established in 1999 and based in Figueroles, near Castellón, Equipe specialises in the production of small ceramic tiles for walls and floors.

The company employs 150 staff and sells its products across Europe and the Americas.

Equipe generated EBITDA of €20m from revenues of around €45m in 2020. It expects to reach EBITDA of €22m in 2021.

People
Mandarin Capital Partners – Lorenzo Stanca (managing partner).
Miura Private Equity – Jordi Alegre (managing partner).
Italcer – Graziano Verdi (CEO).
Equipe Cerámicas – Rogelio Vila (CEO).

Advisers
Vendor – Scouting Capital Advisors (M&A); Banco Sabadell (M&A); IMI-Intesa Sanpaolo (corporate finance); Legance (legal).
Acquirer – Garrigues (legal); EY (legal); PwC (financial due diligence); KPMG (financial due diligence).

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• Miura Private Equity
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• EY (Ernst & Young)
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