Livingstone’s Industrial team has advised the shareholders of Pinturas Benicarló, SL, a Spanish specialist paint producer on its sale to US global supplier of technology-based performance materials, Ferro Corporation (NYSE: FOE). Founded in 1992 in Benicarló (Castellón, Spain), Pinturas Benicarló is a manufacturer of high quality industrial paints that specializes in paints for application on glass substrates.
The Company provides paints to some of the largest international glass manufacturers and processors. In 2015, Pinturas’ sales were approximately €7 million (USD 6.2m), of which nearly 80% were exports. Pinturas Benicarló also offers technical assistance partnering with large international companies which require high quality standards and constant R&D.
Headquartered in Mayfield Heights, Ohio, Ferro Corporation is a leading global supplier of technology-based performance materials, including glass-based coatings, pigments and colors, and polishing materials. Ferro products are sold into the building and construction, automotive, appliances, electronics, household furnishings, and industrial products sectors. Ferro employs approximately 4,860 employees globally and reported sales of USD $1.1 billion in 2015.
“We appointed Livingstone to implement a sale process of our company and we are very pleased with the result. Their experience and availability gave us reassurance and confidence throughout the process and they were instrumental in the successful completion of the transaction,” said Rafael Bueno, Shareholder and Commercial Manager of Pinturas Benicarló.
Diego Moreno, Executive at Livingstone commented: “We are delighted to have completed this transaction, selling a Spanish niche manufacturer company to a global player. Pinturas represented an excellent strategic fit for Ferro and we are confident that the Company will continue to achieve exceptional international growth in the future as part of Ferro.”
Neil Collen, Partner at Livingstone concluded: “We are very pleased with the outcome of this sale process. Almost 25 years after Pinturas Benicarló was founded this deal represents the successful completion of a long journey for the four partners. We believe the transaction will strengthen the Company’s activity and we are confident that Ferro will achieve the strategic objectives set for the acquisition.”