Fritta acquired by Investcorp

Investcorp, a Bahrain-based investment fund with offices in New York, London, Abu Dhabi and Saudi Arabia, announced the purchase of Spanish frit and glaze manufacturer Fritta from the private equity company Nazca Capital on 29 January this year.

Established in 1973 in Onda, Spain, Fritta produces frits, glazes, colours and inkjet inks for the ceramic tile industry. Its global activities are supported by two frit manufacturing plants in Spain and Vietnam and two glaze mixing units in Italy and Mexico. Fritta employs around 300 people and its products are sold to approximately 200 customers worldwide. In 2014, Fritta is forecast to generate sales and EBITDA of around 100 million euros and 16 million euros, respectively. Over 50% of Fritta's sales are generated outside of Spain.

Fritta will be the second company to be owned by Investcorp in Spain following the acquisition of Grupo Esmalglass-Itaca in July 2012.

Daniel Lopez-Cruz, Managing Director of Investcorp's European Corporate Investment group, said: "Fritta is an extremely efficient producer of ceramic frits and glazes with an attractive product/service proposition and a very clear go-to-market strategy. We are backing a very competent and dynamic management team which has been able to more than double the size of the business over the last five years. Fritta and Esmalglass-Itaca target different segments of the market and will continue to be run autonomously."

Nazca Capital also expressed its satisfaction with the sale. Carlos Carbó, CEO of Nazca Capital, said: "Fritta represents our first exit in Nazca Fund III with excellent returns to our investors. Since our entry in December 2013, Fritta has experienced double-digit growth as a result of international expansion and successful development of the inkjet ink strategy. We are delighted with the outcome of this transaction, which represents a significant step for the development of the Company."

Pascual Parra, CEO of Fritta, said: "The support from Nazca has allowed the Company to become one of the reference players in the industry. We see a significant international expansion opportunity at Fritta and view Investcorp as ideally suited to back and support our growth aspirations."