Investcorp sells Esmalglass-Itaca to Lone Star, Texas

On 13 July, Investcorp, the Bahrain investment fund, announced the sale of the Esmalglass-Itaca group to Texan private equity firm Lone Star for 605 million euro. 

A world leader in ceramic colours and glazes, Esmalglass registered sales for a total of 400 million euro in 2016, with 1200 client companies worldwide. The multinational (headquartered at Castellón, with factories in Spain, Italy, Portugal, Russia, Brazil, Mexico, China, India, Indonesia and Vietnam, and sales offices in 21 countries, for a total workforce of 1400) was acquired by Investcorp from 3i in July 2012. In the last five years, the group's EBITDA has doubled and it has consolidated its position internationally, thanks in part to the expansion of its product range: having acquired Fritta (2015) to strengthen its position in the glaze market, Esmalglass is now the also market leader in colours and materials for digital ceramic decoration.

"In 2012, while many investors were backing away from Spain, Investcorp maintained its presence, a commitment which today is yielding an excellent return for our investors," saysMohammed Al Ardhi, executive Chairman of Investcorp". "Esmalglass is a highly successful company," adds Fahad Murad, Managing Director of the equity firm for Bahrain "which has actually outperformed our expectations. We acquired the company in a period of unprecedented macro-economic uncertainty, aware of the potential for growth in the  - at the time - nascent digital ceramic products market and emerging markets, especially in Asia. Its very competent and dynamic management played a leading role in growing Esmalglass to its current level." Esmalglass is headed up by its two Co-CEO's, Antonio Blasco and Vicente Bagán, who confirm the support received from Investcorp. "We are absolutely committed to our ambitious strategy for growth, and we believe strongly in the opportunities that Lone Star can offer us."

"The acquisition by Lone Star, which has been active in a variety of industries for the last 20 years, confirms the value of our work so far, as well as the solidity and faith that our mission inspires in the world of finance," says Armando Meletti, GM of Esmalglass Italia. "Esmalglass has been working with investment companies for 16 years, and we know how to make the most of such partnerships. Lone Star will certainly offer our Group increased stability and strengthen our commitment to R&D."