Pan-european private equity firm Investindustrial, through the Investindustrial VI fund, took over the majority of Neolith, a Spanish company leader in the production of large-format performance surfaces in sintered stone (see the press release here). The Esteve family were the sellers and will maintain a minority stake, continuing to lead the management team and chair the Board of Directors.
Investindustrial, together with the Esteve brothers, plans to further invest around 100 million euros to support the business to continue developing the brand, expanding the company’s production facilities and international presence. “Together (with the brothers Jesus and Jose Luis Esteve, note of the editor) we will be able to accompany Neolith in the second phase of investment dedicated on the one hand to increase the productive capacity of the local and international offices and on the other to the product development with a long-term perspective. The company has grown significantly in recent years and we believe that, with management, the Esteve family, and our industrial vision, Neolith will be able to continue to grow internationally with the support of Investindustrial offices around the world”, said Andrea Bonomi, chairman of the Industrial Advisory Board of Investindustrial.
Neolith was founded in 2009 to produce large format sintered surfaces for bathrooms, walls, furniture, floors and facades, with a particular focus on high-end kitchens. The company is based in the heart of the Spanish ceramic industrial district, in Castellon and employs about 450 people. Neolith has a strong international commercial presence, with distribution in more than 80 countries and an export quota of over 80% of its turnover, equal to around 110 million euros per year.