Fabrica di Roma – Preliminary contract signed to be finalized by September with the leading bathroom furniture company
| Catalan Ceramics |
Fabrica of Rome – Mittel acquires Ceramiche Catalano, with an investment of 92 million euros.
“Mittel SpA announces that it has signed – announced by the investment – merchant bank Mittel – through its subsidiary Italian Bathroom Design Group Srl (“IBD”) – leader of the investment vertical in the bathroom furnishings sector – a binding preliminary contract (“SPA ”) relating to the purchase of 100% of the company Ceramica Catalano SpA (“Catalano”).
The Spa foresees a purchase price for 100% of Catalano’s share capital equal to 92 million euros; the execution date is expected within the month of September 2024.
The purchase transaction will be financed mainly through the own resources of IBD and its parent company Mittel SpA and, for a smaller part, through bank financing.
Catalano achieved a turnover of 48.6 million euros in 2023, achieving an EBITDA of approximately 13 million euros and a profit of just under 8.5 million euros.
Catalano is a leader in the sector of ceramic production for bathroom furnishings and is currently present in over 60 countries around the world, with an export component of around 65% of its turnover.
The company’s management philosophy has always been aimed at a recognized absolute quality in production, guaranteeing a production standard of inimitable excellence. The company’s evolution is the result of continuous attention to technological innovations, capable of responding to the demands of increasingly complex and globalized markets.
Catalano’s production is carried out using highly digitalised systems, the result of investments (most recently 4.0) in robotics which have led the company to surprising levels of automation and precision. Catalano is also the testimonial of an industrial culture intrinsically aimed at sustainability, as in recent years it has modulated its development strategies to encourage the transition towards manufacturing based on the protection of natural ecosystems, defining effective objectives and tools aimed at significantly reducing the impact of production in terms of CO2, attested by important environmental awards and certifications; Catalano was in fact the first Italian company in the sector to obtain the EPD (Environmental Product Declaration) certification for the ceramic sanitary product and the first company in the world to obtain the ESG (Environment, Social and Corporate Governance) Certification.
The president of Mittel and IBD Marco Colacicco, commented as follows: “The acquisition of Catalano confirms Mittel’s exclusively industrial vision, oriented without reservations towards the future and the protection of the territories in which we operate and their artisan traditions, which represent its nymph. In just seven years, starting from the original acquisition of Ceramica Cielo, Mittel was able to multiply the size of IBD eight times, with a growth that was not only exogenous (with the acquisitions of Galassia, Disegno Ceramica and now Catalano) but also and above all endogenous.
Mittel has created, through IBD, a center of absolute Made in Italy excellence, entirely based in the Civita Castellana district, capable of producing, following the acquisition of Catalano, over 1.1 million pieces a year, within of 4 factories, covering an area of approximately 200,000 square metres.
The recognized absolute excellence of Cielo in design and of Catalano in production and technological innovation in the bathroom furniture sector, within a group whose products are present throughout the world, configure an Italian pride based in the district of Civita Castellana, where tradition and innovation find their maximum synthesis.
We intend to continue with determination in the growth and value creation process of the IBD group, confirming a strong commitment of an exclusively industrial nature, aimed at the growth of businesses, paying attention to the two priority values for us of sustainability and, above all, the protection of the territories , employees and their families”.
The investment in Catalano represents Mittel’s tenth acquisition following the takeover bid at the end of 2018, to which is added the sale and valorisation of the RSA sector headed by Gruppo Zaffiro.
This ongoing growth process has been accompanied by a progressive and continuous increase in Mittel’s intrinsic NAV and its capital resources, with little/no use of financial leverage, confirming an exclusively industrial vocation and philosophy.
Medium Spa
July 1, 2024
