Spanish tile sector investment, in its prime

The Spanish province of Castellón continues to play a leading role in the consolidation of the tile sector. A consolidation process driven by private equity. Some of these companies (Equipe and Rocersa) have passed bankruptcy proceedings due to the financial crisis and have emerged stronger thanks to the increase in exports.

Miura Private Equity has recently taken a majority stake in the tile manufacturer “Equipe Cerámicas” for an estimated value of €80M, which represents a multiple of about 6x ebitda.

Additionally, Rocersa, which also faced real struggle during the crisis, is now experiencing an increase of about 20% in the turnover (€50M). Indeed, Rocersa has been acquired by an American investment fund, Avenue Capital. Even though the value of the transaction remains unknown, the debt is to be restructured in order to obtain profitability.

Last but not least, SK Capital Partners have just materialized the acquisition of Halcón Cerámicas, which turnover in 2017 was about a 130 millions €. The transaction means around €180M Enterprise Value and represents a multiple of about 6x ebitda (€30M).
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