ABK Group signs agreement with CFP 2 for stock market listing

ABK Group Industrie Ceramiche, a leading Italian porcelain tile manufacturer based in Finale Emilia, has signed an agreement with Milanese firm Capital For Progress 2 (CFP 2) with a view to listing the company on the AIM Italia segment of the Italian stock market by January 2019.

An SPAC (Special Purpose Acquisition Company) listed on the AIM Italia stock market, CFP 2 has collected 65 million euros from Italian and international professional investors. Under the terms of the agreement, ABK will merge with CFP 2 (which will take on the name of ABK) and will continue to be controlled by the founding partners and longstanding shareholders of ABK with a share of between 61.3% and 70.4%.

According to ABK’s chairman Roberto Fabbri, the aim of the operation is to further strengthen the group’s strategic growth by extending the field of application of its products into furnishings and opening up new sales channels.

ABK closed 2017 with a production value of 115.4 million euros (11% more than in 2016) and an EBITDA of 18.7 million euros (up 28% on 2016). The company has launched major production and sales investment plans aimed at ensuring continued development over the next few years. It aims to grow both internally and through acquisitions.

In particular, ABK is building a new pilot plant in collaboration with Sacmi for the production of new extra-thick and “through vein” ceramic products.