mynth
07/2017

LONE STAR FUNDS

takes majority stake in

ESMALGLASS

SPAIN Chemicals & Materials / Specialty Chemicals EV 500M - 1.5b EUR

Context

The transaction involves the sale of Esmalglass by Investcorp to Lone Star Fund X. This deal marks an important step in Investcorp's strategy, which has worked with Esmalglass' management team to solidify the company's position in international markets and extend its product offering. The sale of Esmalglass to Lone Star Fund X allows Investcorp to achieve an excellent return on investment for its shareholders. The company has doubled its revenue and EBITDA under Investcorp's ownership, thanks to strong organic growth and the acquisition of Fritta in 2015. The transaction was advised by Lazard and Jones Day, who acted as financial and legal advisors to Investcorp, respectively.

ESMALGLASS, which reported an EBITDA margin of LOGIN in 2016, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Industry & Manufacturing sector (11.1x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Esmalglass is the world's leading producer of ceramic colours and glazes, with an extensive presence in international markets. The company supplies a wide range of high-value added products used in the manufacturing and decoration of ceramic tiles. Esmalglass has become a major player in the ceramic digital solutions sector, including inkjet inks, digital effects, and digital glazes. Esmalglass has established a market-leading position through its product offering and extended geographic presence. The company employs around 1,400 people and has sales offices and manufacturing plants in numerous countries. Esmalglass' strategy focuses on organic growth and geographic expansion, as well as the development of new products and technologies to meet customer needs

Ent. Value

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Equity Value

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Multiples

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

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EBITDA
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2016
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2015
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Other operations with ESMALGLASS

REFERENCES

Valuation range: EV 500M - 1.5b EUR

Revenue range: 250M - 500M EUR

EBITDA range: 50M - 100M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ESMALGLASS by LONE STAR FUNDS are reserved for mynth community members. Register for free to unlock full data.

Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: esmalglass

Acquirer: lone star funds