QuattroR acquires control of Ceramiche Ricchetti

The fund QuattroR, an asset management company whose investees include Cdp, Inail, Inarcassa and Cassa Forense, is set to acquire control of Ceramiche Ricchetti, a company founded in 1960 and still indirectly controlled by the Zannoni family with a total share of 62.4%. Andrea Morante, chairman of QuattroR, believes it is a solid company with good turnaround potential.

After setting the share price at 0.215 euros, the decision was taken to set up a NewCo to acquire the controlling stake and the receivables deriving from loans from shareholders and related parties. The NewCo will be controlled by QuattroR, while Fincisa and Ceramiche Industriali di Sassuolo e Fiorano will co-invest while maintaining an indirect minority stake in Ceramiche Ricchetti.

Under the terms of the agreement, the parties undertake to invest up to 40.45 million euros in the company through the NewCo “according to its performance and the needs of the new business plan currently under preparation”. The current management will stay on, including CEO Maurizio Piglione and general manager Matteo Davoli, who will be given the option to co-invest in the company through an incentive plan.