Ceramic Industry News / Whitewares

Mohawk to Acquire Marazzi Group

December 21, 2012

Mohawk Industries, Inc. recently announced that it has entered into a definitive agreement to acquire the Marazzi Group, a leading manufacturer and marketer of ceramic tile in all its major geographies, including Russia, the U.S., Italy, France and Spain. Marazzi’s 2011 revenues were about €833 million (~ $1.16 billion), with EBITDA of approximately 15.5% (under historical IFRS accounting). Marazzi is held by the Marazzi family and two private equity funds, Permira and Private Equity Partners.

Mohawk is acquiring Marazzi for €1.17 billion (~ $1.5 billion), with a combination of cash and equity. Marazzi’s estimated 2012 EBITDA of €145 million (~ $192 million) represents a purchase multiple of about eight times. Mohawk expects to complete the transaction during the first quarter of 2013, pending customary closing conditions and regulatory approvals. The transaction is anticipated to be accretive in 2013.

Marazzi distributes ceramic tile in more than 100 countries. Founded and managed by Filippo Marazzi, Sr., and his family, the Marazzi Group has become a global leader in ceramic tile with worldwide brand recognition. Marazzi’s product line features glazed ceramic, glazed porcelain, technical tile and color body porcelain.

Marazzi introduced the single-fire process that revolutionized the industry, making ceramic more accessible to a wider market. Technological innovations continue today with new introductions such as crystallized porcelain and single-fired thin tile. Marazzi operates manufacturing facilities in Russia, the U.S. and Western Europe, and employs around 6,300 people.

“This acquisition represents the next step in the expansion of Mohawk’s global business and will make Mohawk a stronger company,” said Jeff Lorberbaum, Mohawk’s chairman and CEO. “We found Marrazi attractive because of its solid management team and leadership positions in the U.S., Russia and Europe. Marazzi’s differentiated products, leading-edge design, efficient manufacturing and exemplary service have created one of the most valued brands in the industry. We have many opportunities to improve results by leveraging best practices, operational expertise, product innovation and manufacturing assets.”

For additional details, visit www.mohawkind.com or www.marazzi.it/en

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