Mandarin acquires Italian ceramics business

Financial details were not disclosed. The GP invested via its MCP II fund, which typically deploys about EUR30-50 million ($35-59 million) per company. Earlier this year, the fund invested in fellow Italian ceramics business La Fabbrica.

Founded in 1968, Elios specializes in decorative ceramic materials, including small tiles and precious enamels. According to a statement, the company is slated to list on the Milan Stock Exchange in 2019 after establishing a new plant in the US and achieving annual revenue of EUR300 million through increased exposure to markets including China.

China is considered the world's largest producer and consumer of ceramic tiles, with growth largely connected to rising real estate investment and construction. The total value of imported ceramic products into the country increased 11% during 2016 to $607 million, according to CeraMach, a group that provides information on the industry.

Mandarin operates out of offices in Shanghai, Milan and Frankfurt, and typically invests mid-market European companies with a view to assisting expansion into China. Its first fund invested in 10 companies, of which nine were European and one was Chinese.

MCP II closed last year at just under EUR200 million, falling short of both a EUR1 billion target set in 2012 and a revised target of EUR400 million. Previous investments by the fund include machine parts maker Marval and pharmaceuticals company Mipharm.

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• Topics
• Europe
• Consumer
• Industrials
• Buyouts
• Mandarin Capital Partners
• China
• manufacturing