Neolith Maker Sells Majority Stake
ALMAZORA, Spain – A London-based investment-capital firm is the new majority owner of the manufacturer of Neolith sintered-stone surfaces.
Jesus and Jose Luis Esteve, founders and owners of the TheSize Surfaces SL, signed a partnership agreement with an investment subsidiary of lnvestindustrial VI L.P. to support the next phase of development of the Company.
lnvestindustrial will acquire a majority shareholding in the company, while Esteve family retains what both sides call a “relevant “minority interest and continue leading the company’s management team and chair the board of directors.
Terms of the shareholding purchase wasn’t announced, but Investindustrial and the Esteve brothers plan to invest approximately €100 million in the business to continue developing the brand and expand manufacturing facilities and the company’s international footprint.
Investindustrial, founded in the early 1990s by Italian financier Andrea C. Bonomi, holds more than €2 billion of positions in a variety of companies, including Design Holding (the B&B Italia, Arclinea and Flos high-end-furnishing brands), spa makier Jacuzzi Brands and automaker Aston Martin. Previous investments include architectural-curtain-wall-maker Permasteelisa, winemaker Ruffino and motorcycle manufacturer Ducati.
“What we liked more about lnvestindustrial is their ability to understand long-term family owned companies and their alignment on the future investment program we have developed on an international scale,” Esteve added. “We remain confident that lnvestindustrial’s experience and contribution will allow Neolith to significantly strengthen its global leadership in the sector and continue with its growth momentum.
“We look forward to an even-more-promising future together”.
The Esteves founded TheSize in 2009 after selling Spanish natural-stone producer Levantina in 2006. TheSize is headquartered in the industrial ceramic heartland of Spain and employs approximately 450 professionals.
Neolith has an international commercial footprint distributing its products in more than 80 countries with exports representing more than 80% of total sales. Madrid-based financial publication Expansión reported that the company invoiced €88 million n 2017 with a net profit of €25 million, and increased sales last year to €110 million.
“The company has grown significantly in the last few years and we believe that. with its management. the Esteve family and our industrial view, Neolith can continue to foster its internationalisation with the support of lnvestindustrial’s international development offices,” said Bonomi. “Neolith has excellent manufacturing capabilities, which appeals to our industrially-driven approach, as well as the potential for collaborations with leading design companies.”
“Neolith operates in an industry well-known to lnvestindustrial due to our prior and current investments in the sector. We are proud to partner with the Esteve family since we believe they have the right entrepreneurial approach and together we can lead Neolith to the second phase of investment. both to increase capacity at their local headquarters and internationally, and product development on a long-term basis.”
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