Livingstone’s Industrial sector team has advised Keraben and its parent company Victoria plc on its acquisition of Cerámica Saloni S.A.U. (“Saloni”), a Spanish manufacturer of ceramic and porcelain tiles, for a consideration of €96.7m.
Created in 1971 and based in San Juan de Moró (Castellón), Saloni is a leading manufacturer of mid to high-end ceramic and porcelain tiles. With operations in over a 100 countries and a workforce of 500 employees, the company owns high-tech production facilities of over 270,000 square meters.
Established in 1895 and headquartered in Kidderminster (UK), Victoria plc, is a listed, international manufacturer and distributor of innovative flooring products. Victoria has operations in the UK, Spain, Italy, Belgium, the Netherlands and Australia and employs approximately 3,000 people across more than 21 sites. Victoria is the UK’s largest carpet manufacturer and the second largest in Australia.
Victoria acquired Keraben in 2017 with Livingstone’s Industrial team advising management on the sale of the company to Victoria. With the acquisition of Saloni, Victoria strengthens its international production capacity and adds further high quality brands and products to its portfolio.
Geoff Wilding, Chairman of Victoria commented: “Saloni is an excellent fit for the Victoria Group, bringing solid management, growing profits, and significant operational synergies with Keraben, which is located nearby. We will continue to grow our European business and expect to announce further acquisitions in due course.”
Neil Collen, Partner of Livingstone, said: “The Livingstone team is delighted to have supported Keraben and Victoria with this acquisition that strengthens Victoria’s strategic position in the ceramic market. This transaction reflects the sustained concentration of the Spanish ceramic sector.”
The completion of this transaction reinforces Livingstone’s credentials as an international adviser in the building products sector following the recent acquisition of TPE by the Swedish group Areco, the divestment of Keraben to Victoria plc, the acquisition by Belgium multinational Etex plc of Pladur, the sale of Puertas Dimara to Grupo Dimoldura and the sale of Moldcom Composites to Nazca Private Equity.