Private equity and asset management firm HIG Capital announced yesterday that it had sold Fiora to The Engineered Stone Group for an undisclosed sum.
The Group was set up by The Cranemere Group to develop a presence in the bathroom products category and is consists of Marmite, Acquabella, F+D Group, Mcbath, Nuovvo and now Fiora.
HIG acquired a majority stake in Fiora in 2018 and claims to have achieved significant milestones since then. These include strengthening the company’s innovation, design and product development; expanding into new markets in Europe and North America; entering new product segments, such as bathroom furniture; expanding its agent network and its direct access to over 2,000 independent retailers and investing in logistics.
HIG says that it has also increased the volume of shower trays sold by Fiora by more than 40%.
Commenting on the development, Fiora chief executive Fernando Soriano said: “We would like to thank HIG for their close and trusting support and their strategic guidance over the last four years. Together, we have strengthened Fiora’s position as a leading shower tray manufacturer in Europe. HIG has been a true partner for the management team, significantly supporting us in professionalising the company and pursuing an ambitious growth strategy.”
HIG Spain managing director Jaime Bergel added: “We are delighted to have supported Fiora in its transformation, and its successful growth path towards a true European market leader. The company is now perfectly positioned for further growth on a global scale and we wish the management team continued success in the future.”