Italcer acquires Rondine

With this fourth acquisition, Italcer has established itself as one of the largest ceramic sector groups with revenues of almost 200 million euros and EBITDA of 35 million euros.

The acquisition of the 100% shareholding of Ceramica Rondine (Rubiera, Reggio Emilia) by Italcer, parent company of the eponymous ceramic group controlled by Mandarin Capital Partners II led by Alberto Forchielli, was completed on 15 October.

This was Italcer’s fourth acquisition in under a year and a half, following those of La Fabbrica, Elios Ceramica and Devon&Devon completed since May 2017. Rondine is also the most significant acquisition made by Italcer in terms of turnover. Under the leadership of Lauro Giacobazzi, the outgoing owner together with Turkish partner Seramiksan, the Rubiera-based company achieved outstanding results in terms of both growth and profit margins, posting revenues of around 110 million euros in fiscal 2017.

Thanks to this operation, the Italcer Group has established itself as one of the leading Italian players in the sector with a turnover of almost 200 million euros and an EBITDA of more than 35 million euros.

The project led by Italcer’s CEO Graziano Verdi of creating a cluster of medium to high-end ceramic companies is proceeding at a rapid pace with the goal of generating significant manufacturing and sales synergies in a sector that, although highly competitive at a world level, is still severely fragmented.

“We believe we have created a highly significant industrial project,” commented Lorenzo Stanca, Managing Partner of MCP and Chairman of Italcer. “Larger groups can compete more effectively and invest more in research and development, all of which are essential tools for success in world markets and for overcoming the problems associated with small size, one of the main weaknesses of the Italian industry.”

Graziano Verdi added: “The companies we have chosen all have different distinctive qualities that will enable the Group to establish itself amongst the elite of the world’s best companies and thereby accelerate their development process. With Rondine we will consolidate the Group’s structure and at the same time acquire a highly qualified management team.”

The goal of initiating the listing process for the Italcer group starting from the second half of 2019 was also confirmed. “As a key player in the Italian luxury and creative segment, we believe that Italcer still has considerable potential for expansion through both internal growth and acquisitions, making it an attractive proposition for stock market investment,” commented Stanca.

Italcer acquired Rondine through a capital increase underwritten not only by MCP but also by Capital Dynamics, a leading British alternative investment firm, which joins the shareholder structure alongside MCP, French firm Idinvest, Germany-based HQ Capital and a group of Italian entrepreneurial families.

Along with the increase in capital, to finance the acquisition Italcer also issued a 133 million euro bond which was underwritten by funds managed by Pemberton, one of the leading European players in the direct lending sector.

Intesa Sanpaolo joined Pemberton in supplying the short-term liquidity facility for financing current operations.