Italcer initiates acquisition process for Terratinta Group

The acquisition will be the eighth in the six years since the Italcer Group was founded and is expected to close after the summer.

With a letter of intent signed on 18 July, the Italcer Group, one of Italy’s leading manufacturers of ceramic floor and wall tiles and bathroom furnishings, has initiated the process of acquiring 100% of the Terratinta Group, a company specialising in high-end furnishing surfaces based in Fiorano Modenese.

Under the terms of the agreement, Terratinta’s CEO and shareholder Luca Migliorini will reinvest part of the proceeds of the sale in Italcer shares, thereby becoming a shareholder alongside the group’s CEO and founder Graziano Verdi.

The transaction is expected to close after the summer and will consolidate the Italcer Group’s position as one of the leading players in the Italian and global ceramic industry with projected 2023 sales of close to €400 million.

The acquisition will be the eighth completed in six years by the Group led by Graziano Verdi, whose main shareholders are Mindful Capital Partners, Miura and Capital Dynamics. The acquisition of Terratinta Group follows those of Fabbrica, Elios, Devon&Devon, Rondine, Cedir, the Spanish firm Equipe and most recently Fondovalle.

With the acquisition of Terratinta, Italcer aims to significantly expand its collections with the addition of four further high-end brands (Terratinta Ceramiche, Ceramica Magica, Sartoria and Micro) that guarantee high levels of sustainability thanks to the prestigious B Corp Certification recently gained by Terratinta.

The Italcer Group produced 20.3 million sqm of ceramic floor and wall tiles and large-format panels in 2022 (including 6 million sqm in Spain) and posted consolidated revenues of €360 million (aggregate revenues of €399.6 million) and a consolidated pro forma EBITDA of €85 million.

This exponential growth was achieved partly through acquisitions and partly through organic growth of more than 15%.

“Development by the external route is a good model if it is properly managed and backed up by targeted technological investments for organic growth,” Graziano Verdi told us during the last interview given to Ceramic World Review at the end of June. “The two routes have always run parallel to each other in our business model, as we had planned ever since forming Italcer. Our results so far are more than satisfactory, so we will stick with this development model into the future, with a view to maintaining the brisk pace of growth that we have achieved in recent years.”

Read the full interview published in CWR 152

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