LONDON and ALICANTE, Spain, Sept. 15, 2020
LONDON and ALICANTE, Spain, Sept. 15, 2020 /PRNewswire/ -- The Engineered Stone Group (the "ES Group" or the "Company"), today announced it has entered into a definitive agreement to acquire the assets of Forms and Design in Shower Tray, S.L. and Akire Style, S.L. (together "F&D Group"), a leading Spanish manufacturer of engineered stone shower trays, washbasins and panels. The transaction further establishes the ES Group as a leader in the engineered stone bathroom products space, a growing segment within the broader bathroom products market. Financial terms of the transaction were not disclosed.
Established by The Cranemere Group ("Cranemere"), a holding company focused on building high-quality businesses for the long term, the ES Group is a global leader in the production of engineered stone bathroom products. The Company provides a broad offering of brands and high-quality products, coupled with a commitment to outstanding customer service and the scale to invest in continued product innovation. Led by Chief Executive Officer Brian McCluskie, the ES Group is comprised of Acquabella, a leading premium-branded supplier of engineered stone shower trays and wall panels; Marmite, a leading European private-label manufacturer of basins, bathtubs and shower trays made from engineered stone; and now, upon sale completion, F&D Group.
With a track record of manufacturing high-quality engineered stone shower trays, washbasins and panels with superior technology, F&D Group has established itself as a leading supplier for a diversified base of retail and wholesale customers in Southern Europe. Following the close of the transaction – which is expected to occur at the end of September, subject to customary closing conditions – F&D Group will maintain its headquarters in Alicante, Spain, and continue to operate independently as a member of the ES Group. The business will maintain its existing manufacturing locations and workforce, and continue to serve its valued customers as it does today.
"F&D Group's disruptive business model focused on quality, value, and speed has served its customer base across Europe exceptionally well, and allowed the business to grow rapidly and capture significant market share," said Mr. McCluskie. "We continue to see strong demand for engineered stone products as it replaces inferior materials such as acrylic and porcelain. F&D Group's advanced manufacturing capabilities, complementary geographic footprint, and reputation for quality make them a compelling addition to the Engineered Stone Group."
"We are thrilled to join the Engineered Stone Group," said Manuel Pérez, on behalf of the owners of F&D Group. "We look forward to partnering with Brian and the teams at Marmite, Acquabella, and Cranemere to further invest in product innovation, geographic expansion, and to deliver enhanced products and service levels to our valued customers for many years to come."
"Together, the companies comprising the Engineered Stone Group offer the widest set of distinct product, brand, and service-level capabilities available in the engineered stone segment, while operating independently under the ES Group umbrella," said Christopher Mahan, Chairman of the Engineered Stone Group. "We continue to see a significant opportunity to lead the material conversion to engineered stone over the long term, and F&D Group is an important element to enabling this development and building the ES Group's leadership in this space."
For more information about the Engineered Stone Group, visit www.engstone.com.
About The Engineered Stone Group
The Engineered Stone Group is a European holding company established by The Cranemere Group to be the global leader in engineered stone products. The ES Group is currently comprised of Marmite, a leading European manufacturer of basins, bathtubs, and shower trays made from engineered stone, Acquabella, a leading branded supplier of engineered stone shower trays and wall panels in Europe, and now F&D Group.
About F&D Group
F&D Group is a leading provider of engineered stone shower trays, washbasins, wall and floor panels across Europe. Based in Dolores and Aspe in Alicante province, Spain, F&D Group offers branded and private-label products at outstanding value, quality, and speed. Their products combine mineral stone with high-quality resins, resulting in a unique product with enhanced capabilities relative to traditional materials that is luxurious, elegant, durable, and naturally anti-bacterial. F&D Group's innovative technology allows it to replicate the finish of natural materials such as wood and marble.
About The Cranemere Group
The Cranemere Group is a holding company focused on partnering with industry-leading operating teams in essential industries to build high-quality businesses for the long term. The Cranemere Group provides patient capital, business building expertise, and global networks to support the growth of its companies and to create value for all its stakeholders. The Cranemere Group is headquartered in London and has offices in New York and Washington, D.C.
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