wienerberger acquires a majority stake in Italcer Group

The Austrian multinational has announced an agreement to acquire Italcer Group, with closing expected in the second quarter of 2026.

Italcer Group, a leading Italian player in the ceramic tile sector, is set for a change in ownership. On 24 February, during the presentation of its 2025 financial results, the Austrian group wienerberger – the world’s largest brick producer – announced an agreement to acquire the Italian ceramic group, currently controlled by the investment funds Mindful Capital Partners (MCP) and Miura Partners and led by Graziano Verdi.

The transaction is expected to close in the second quarter of 2026 (likely as early as April), subject to approval from the relevant competition authorities. Initially, wienerberger will acquire 50% plus one share of Italcer Group from MCP, Miura and their co-shareholders, while retaining an option to purchase the remaining stake by the first half of 2027. The acquisition will be financed through cash-on-hand and bank loans. While the parties have not officially disclosed Italcer’s valuation, it is estimated to be approximately €560-600 million.

Graziano Verdi, who has served as CEO since Italcer’s inception in 2017, will remain at the helm to drive the company’s next phase of growth.

Italcer, a €350 million powerhouse

In its first eight years of operation, Italcer has successfully fulfilled its founding vision of creating a premier “Made in Italy” ceramic hub through a robust “buy & build” strategy. This approach has consolidated high-end brands and historic industry players, adding value through efficient integration and significant growth-oriented technological investment. The initial 2017 acquisitions of La Fabbrica-AVA, Elios Ceramica and Devon&Devon were followed by Ceramica Rondine (2018), Cedir (2020), the Spanish small format specialist Equipe Cerámicas (2021), Fondovalle (2022) and Terratinta (2023).

These prestige brands allow Italcer to cover the entire range of ceramic surfaces, from small formats to large porcelain stoneware slabs for architecture, furnishing and outdoor use, as well as luxury bathroom furnishings via Devon&Devon.

The group currently operates 12 facilities across Italy and Spain with a production capacity of approximately 24 million sqm/year, around 1,200 employees and 15,000 customers worldwide. Italcer ended 2025 with revenues exceeding €350 million, about 75% of which was generated through exports, primarily to Europe and North America. EBITDA stood at €75 million, representing a margin of over 20%.

Italcer’s rapid growth has not been driven by acquisitions alone. The group has also made substantial industrial and applied research investments to innovate both products and processes. This includes a strong focus on sustainability and decarbonisation, ranging from Advance antibacterial and anti-pollution surfaces to the installation in 2024 of the first electric kiln for ceramic tiles in Europe at the Equipe Cerámicas plant. That same year, the group presented a patented, cutting-edge plant for capturing CO2 and other organic and inorganic pollutants emitted during production, transforming them into new high-value-added raw materials for use in various manufacturing sectors. To scale this pilot project to industrial levels, an investment of €50 million has been earmarked for the next five years. Italcer’s commitment to decarbonisation was further recognised by the 2024 Sustainability Award, where it ranked first among 100 Italian companies with revenues exceeding €250 million.

Growth trajectory to continue with wienerberger

wienerberger’s acquisition of Italcer Group will allow both organisations to accelerate their respective growth paths, bolstered by significant synergies between the two entities.

Graziano Verdi, who will remain CEO and Head of the Company, commented:

“Italcer has consistently outperformed the market thanks to a successful strategy focused on innovative, state-of-the-art solutions and industry-leading service. By diversifying our portfolio while upholding the highest standards of quality, we have captured demand across a wide variety of export markets and have achieved sustainable growth across various segments. This proactive strategy has given us resilience amidst challenging global economic conditions, which is one of many parallels we have with wienerberger. We also share the goal of driving the sustainable transformation of the construction industry, and our portfolios complement each other, allowing for new holistic building solutions.”

Being part of a €4.6 billion giant brings clear synergies and opportunities.

“With wienerberger as the controlling shareholder,” Verdi continued, “Italcer strengthens its positioning and looks forward to a five-year period of strong growth, reinforcing its presence in key markets such as the United States.”

Verdi has repeatedly expressed interest in establishing a local production facility in the US.

A value-accretive strategic acquisition

Presenting the deal to the press, wienerberger CEO Heimo Scheuch highlighted several strategic aspects that will contribute to the “next growth chapter” for the Vienna-based multinational. In particular, the ability to complement its portfolio with high-end ceramic solutions, specifically façade cladding, will bolster wienerberger’s position in the new-build market and the expanding renovation sector. This aligns with the growth strategy initiated in 2024 with the acquisition of Terreal in the roofing segment. The acquisition will also generate significant operational synergies in production (raw materials, technology, innovation) and market access. In addition, the two companies share an innovative approach to process sustainability: in 2024, wienerberger also commissioned the world’s first electric kiln for brick production at its plant in Uttendorf, Austria.

These strengths are complemented by Italcer Group’s highly attractive financial profile, making the transaction fully value-accretive. It will have an immediate positive impact on consolidated margins and is expected to contribute over €100 million to Group EBITDA in the medium term.