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ES Group to buy F&D
Posted on Tuesday, 15 September 2020 12:21
The Engineered Stone Group (ES Group) has agreed to acquire Spain-based Forms and Design in Shower Tray and Akire Style, collectively known as F&D Group, for an undisclosed sum.
As a result, the transaction will establish the buyer as a leader in the engineered stone bathroom products space, a growing segment within the broader bathroom products market.
Upon closing, the target will operate as an independent company as part of ES Group and will retain its headquarters in Alicante, as well as its existing manufacturing locations and workforce.
Completion remains subject to customary conditions.
F&D manufactures a range of engineered stone shower trays, washbasins and panels.
The company is also billed as a leading supplier for retail and wholesale customers throughout Southern Europe.
Brain McCluskie, chief executive of the buyer, said: “We continue to see strong demand for engineered stone products as it replaces inferior materials such as acrylic and porcelain.
“F&D’s advanced manufacturing capabilities, complementary geographic footprint, and reputation for quality make them a compelling addition to the ES Group.”
The target will also complement the acquiror’s existing brands that operate within the bathroom products segment, including Acquabella and Marmite, which make stone shower trays and wall panels and engineered stone basins and bathtubs, respectively.
Manuel Perez, speaking on behalf of F&D’s owners, noted the deal would allow the company to invest in product innovation and help support its geographic expansion.
The purchaser’s chairman, Christopher Mahan, added: “We continue to see a significant opportunity to lead the material conversion to engineered stone over the long term, and F&D is an important element to enabling this development and building the ES Group's leadership in this space.”
Zephyr, the M&A database published by Bureau van Dijk, shows there have been just 12 deals targeting cut stone and stone product manufacturers announced globally so far in 2020.
In the most valuable of these, TheSpac agreed to acquire Italy-based Franchi Umberto Marmi for EUR 290.00 million.
© Zephus Ltd