CVC agrees to acquire the Neolith Group, the global leader in sintered stone surfaces
CASTELLÓN, Spain, April 18, 2022 /PRNewswire/ - CVC Capital Partners VIII, a global Private Equity platform, has agreed to invest in the Neolith Group (www.neolith.com), the global leader in the sintered stone industry that has been controlled by Investindustrial and its founders, the Esteve Family, until now.
Neolith, pioneer in the creation of sintered stone and a global leader with business in over 100 countries, leads the ongoing process of transformation in the stone surfaces industry with innovative and sustainable solutions that combine design and functionality for a wide range of applications: from kitchens, bathrooms and designer furniture to building façades and coverings for the most cutting-edge architecture projects.
Neolith's strong organic growth and profitability in recent years alongside a unique market position were key factors in the acquisition. Jose Luis Ramón, CEO of Neolith Group 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". He went on to add that "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".
Javier de Jaime, Managing Partner at CVC, said that "we are thrilled to have materialized 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". He added that "we 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".
In turn and 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".
Set up in 2009, Neolith is the world's leading brand in sintered stone.
A revolutionary and innovative architectural surface material with superior technical characteristics made from 100% natural raw materials.
Designed and manufactured to meet the strictest requirements in the world of architecture and interior design, Neolith stands out for its quality, versatility, durability and elegance, as well as its sustainability.
Around the world, it has become an essential ingredient in stylish creations for any kitchen, bathroom, building façade, floor and even exclusive designer furniture for indoor and outdoor spaces, combining exquisite design with the utmost functionality.
Committed to social responsibility, Neolith is also the first company in the sector to have achieved carbon neutrality in 2019. At present, the company is busy implementing an expansion plan into key geographical regions, such as North America, Europe, China and Australia, in order to continue helping to create unique spaces and extraordinary experiences through sustainable functional design in the more than 100 countries where it operates via direct and indirect distribution and an extensive network of commercial partners.
CVC is a leading private equity and investment advisory firm with a network of 25 offices throughout Europe, Asia and the US, with approximately US$122 billion of assets under management. Since its founding in 1981, CVC has secured commitments in excess of US$165 billion from some of the world's leading institutional investors across its private equity and credit strategies. Funds managed or advised by CVC are invested in more than 100 companies worldwide, which have combined annual sales of over US$100 billion and employ more than 500,000 people. For further information about CVC please visit: https://cvc.com. Follow us on LinkedIn here.
Investindustrial is a leading European group of independently managed investment, holding and advisory companies with €11 billion of raised fund capital. With ESG principles deeply embedded into the Firm's core approach, Investindustrial has more than 30-year history of providing mid-market companies capital, industrial expertise, operational focus and global platforms to accelerate sustainable value creation and international expansion. Certain companies of the Investindustrial group are authorized by, and subject to regulatory supervision of the FCA in the United Kingdom and the CSSF in Luxembourg. Investindustrial's investment companies act independently from each other and each Investindustrial fund. Additional information is available at www.investindustrial.com.
Neolith Communication Department: GPS Image and Communication: +34 630 074 039
CVC Communication Department: Albion Group: +34 915 312 388
SOURCE Neolith Group
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