Information on the target
Elor Holding Anonim Şirketi, a Turkish holding company, has acquired a 50% stake in A&G 23 S.r.l., a Carrara-based company specializing in the processing and commercialization of high-quality natural stones. The acquisition was finalized on October 9, 2026, from Leonardo Pacific Limited, a Hong Kong-based firm. A&G 23 is recognized for producing and supplying polished slabs of marble, onyx, travertine, and limestone, positioning itself in the premium segment of the exclusive natural stone market with a focus on quality and innovation.
In the last fiscal year, A&G 23 reported revenues of approximately €4 million, with an EBITDA of around €0.6 million. The Italian partners, Gianluca Natucci and Davide Caleo, will retain a 25% stake each, continuing to collaborate with the new majority shareholder in managing the company. This transaction signifies a notable shift among foreign investors in the capital of a small to medium-sized enterprise (SME) within the Apuan district, highlighting the sustained international interest in the Carrara marble supply chain, which has long been esteemed in luxury and high-end architecture markets.
Industry overview in the target’s specific country
The semiprecious gem stones industry in Italy, particularly in regions like Carrara, is characterized by a rich tradition of craftsmanship and a deep-rooted cultural appreciation for natural stones. Italy is renowned for its marble and semiprecious stones, which are not only used in construction but also in high-end decorative arts. The Carrara region, in particular, has been a historical hub for marble extraction and processing, attracting artisans and designers from around the world.
In recent years, the demand for semiprecious stones has seen a resurgence, driven by trends in luxury construction and interior design. Italian semiprecious stones are highly sought after for their unique colors and patterns, making them a preferred choice for architects and designers looking to create bespoke environments. The industry benefits from a combination of traditional techniques and modern innovations, allowing for the production of high-quality products that meet contemporary market demands.
Moreover, the Italian semiprecious gem stones market is bolstered by a strong export sector, with significant shipments to luxury markets in the United States, Asia, and the Middle East. The country's reputation for quality craftsmanship and design excellence continues to attract foreign investments, as seen in the recent acquisition of A&G 23 by Elor Holding. This trend indicates a positive outlook for the industry, with opportunities for growth and expansion in both domestic and international markets.
However, the industry also faces challenges, including fluctuating raw material prices and increasing competition from emerging markets. To remain competitive, Italian companies must continue to innovate and adapt to changing consumer …