GROUP CERADEL
Acquired by
CICLAD
GROUP CERADEL acquired by CICLAD
Target
GROUP CERADEL
Acquirer
CICLAD
Context
Ciclad acquired a majority stake in Ceradel from its founding shareholders in a transaction advised by Clairfield International. The deal was structured as a Leveraged Buy-Out (LBO) aimed at reorganizing the capital structure to facilitate the exit of historical shareholders while bringing in financial firepower for expansion. The new strategic roadmap focuses on accelerating digitalization (e-commerce growth) and pursuing a "Buy-and-Build" strategy to consolidate the fragmented European market for ceramic supplies.
GROUP CERADEL, which reported an EBITDA margin of LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 10.9x average currently observed in the Retail & Consumer sector.
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Target
Founded in 1967 and headquartered near Limoges (the historic capital of French porcelain), Ceradel is the leading distributor and manufacturer of supplies for the ceramic and glass arts in Europe. The group serves a hybrid client base ranging from professional artisans and Corporateists to schools and amateur hobbyists. Its comprehensive catalog includes consumables (clays, glazes, raw materials) and equipment (pottery wheels, tools). Crucially, Ceradel is also a manufacturer, producing its own high-end electric and gas kilns.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with GROUP CERADEL
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