Sintered stone specialist Neolith Group has been acquired by global private equity platform, CVC Capital Partners VIII.
Neolith Group, based in Castelló, Spain, operates in over 100 countries and was controlled by Investindustrial, a European investment group, and its founders, the Esteve Family, until now.
CEO Jose Luis Ramón will remain in his position, and he said: “It is a privilege to welcome CVC into the great Neolith project and its arrival will no doubt represent a new turning point in the group’s history, accelerating our ambitious strategic objectives. Its extensive experience and global presence will be a great help to us in developing our enormous potential.”
“We are grateful for the confidence and constant support of Investindustrial and the Esteve Family in making Neolith a unique platform that has enabled us to consistently expand the business with a firm commitment based on innovation, branding, sustainability and a straightforward approach based on open collaboration.”
It was said that Neolith’s strong organic growth and profitability in recent years alongside a unique market position were key factors in the acquisition.
Javier de Jaime, managing partner at CVC, said: “We are thrilled to have materialised this investment in Neolith so we can continue leading this industry together and undertake the next stage of the investment, which will allow the company to continue accelerating its international expansion and multiply its growth behind the unique value proposition and position it enjoys in the market.
“CVC funds invest in companies with outstanding track records that are leaders in their respective industries. Neolith symbolises what we look for in any investment: a growing global market, a unique business model and a multi-disciplinary team that is highly skilled, motivated and international. Our vision is to multiply value in the long term and help the company to unleash its full potential, behind sustainable growth, by committing to technology, research and development of advanced materials, design and branding.”
On behalf of the current investors, Andrea C. Bonomi, the Chairman of the Industrial Advisory Board of Investindustrial, which became a majority shareholder in 2019, said: “We identified the sintered stone sector as the fastest growing niche within high-end design surfaces solutions, due to its strong technical and sustainable features. Within the sector, Neolith is a global leader based on a strong culture of quality and R&D built by the founding Esteve family, and carried on by the excellent management team in place.”