17 December 2021 – Global investment firm Carlyle (NASDAQ: CG) announced today that it has agreed to acquire Altadia Group (“Altadia”) from an affiliate of Lone Star Funds (“Lone Star”), partnering with current management, led by Vincente Bagan and Antonio Blasco, the original founders of Itaca. The transaction is subject to customary regulatory approvals and is expected to close in H1 2022.
Headquartered in Castellon, Spain, Altadia is the largest global manufacturer of intermediate products for the production of ceramic tiles. The group, formed in 2021, was created as a result of the transformational merger between Esmalglass-Itaca and Ferro Tile Coatings, consolidating its leading market position across all ceramic specialties, including the production of inkjet inks, body stains, glaze stains, and frits & glazes. Servicing a diversified base of global customers, including international leading ceramic tile producers, Altadia employs more than 3,600 people across 19 countries with a global manufacturing footprint consisting of 32 production plants and 19 distribution centres.
Carlyle will support Altadia in accelerating its growth plan through the development of its leading R&D platform, and through strategic acquisitions to expand its presence further in international markets.
Vincente Bagan, CEO of Altadia, said: “Over the last four years, thanks to the company’s strong entrepreneurial spirit, unique service offering, and its long-standing relationships with a highly diversified and global customer base, Altadia has succeeded in transforming itself into a global market leader. We thank Lone Star for their support and partnership, particularly through the merger of Ferro with Esmalglass, as we focused together on positioning the company for future sustainable growth. We are delighted to partner with Carlyle as we look to advance our strategic growth objectives.”
Alex Wagenberg, Managing Director of the Carlyle Europe Partners advisory team, said: “We have followed Altadia’s success for a number of years recognising its strong track record of launching innovative and successful products and technologies, its market-leading position for tile coatings in a growing ceramics industry, and the investment it has made in its innovation and sustainability journey. The company has a strong reputation with its customers for its production of high-quality solutions that look to transform everyday spaces and surfaces. We are excited to partner with Vicente and his team and look forward to leveraging our significant expertise in scaling specialty Chemicals businesses to diversify the business into new growth areas.”
“We congratulate the management team and Altadia employees for their many accomplishments over the last four years, most importantly the quality products and innovations they have been able to offer their customers around the world,” said Donald Quintin, President, Lone Star Opportunity Funds. “Thanks to the energy and dedication that permeates the Altadia culture, and its strong global footprint, the company stands ready to embrace the many opportunities ahead. We wish the whole team well.”
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About Altadia Group
Headquartered in Castellon, Spain, Altadia is the largest global manufacturer of intermediate products for the production of ceramic tiles. The group, formed in 2021, was created as a result of the transformational merger between Esmalglass-Itaca and Ferro Tile Coatings, consolidating its leading market position across all ceramic specialties, including the production of inkjet inks, body stains, glaze stains, and frits & glazes. Servicing a diversified base of global customers, including international leading ceramic tile producers, Altadia employs more than 3,600 people across 19 countries with a global manufacturing footprint consisting of 32 production plants and 19 distribution centres.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $293 billion of assets under management as of September 30, 2021, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 26 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
About Lone Star
Lone Star, founded by John Grayken, is a leading private equity firm advising funds that invest globally in real estate, equity, credit and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized 21 private equity funds with aggregate capital commitments totaling approximately $85 billion. The firm organizes its funds in three series: the Commercial Real Estate Fund series; the Opportunity Fund series; and the U.S. Residential Mortgage Fund series. Lone Star invests on behalf of its limited partners, which include institutional investors such as pension funds and sovereign wealth funds, as well as foundations and endowments that support medical research, higher education, and other philanthropic causes. For more information regarding Lone Star Funds, go to www.lonestarfunds.com.
Press Enquiries:
Carlyle Contact:
Charlie Bristow
+44 (0) 7384 513568
Altadia Group Contact:
Begoña Baigorri
+34 600 596 843
bbaigorri@esmalglass-itaca.com
Lone Star Contact:
Christina Pretto
O: +1 212 849 9662
M: +1 917 499 4260
