Information on the target
Miura Partners and Mindful Capital Partners have entered into an agreement to sell their stake in Italcer to the publicly traded Austrian group Wienerberger, a global leader in innovative construction solutions and materials. The transaction is expected to close in the second quarter of 2026, pending approval from the relevant competition authorities and the fulfillment of other customary conditions typical of such operations. Miura's investment project began in 2018 with the acquisition of Equipe Cerámicas, a global leader specializing in small-format ceramics, which at that time generated revenues of €30 million.
Under Miura's guidance, Equipe strengthened its leadership in the United States and Europe, tripling its revenue and expanding its industrial capacity from one to four production plants in Spain. In 2021, Miura and MCP facilitated the integration of Equipe into Italcer with the aim of building a European group of premium ceramic surfaces with greater scale and sector consolidation capacity. Since then, Italcer has undergone a profound strategic and industrial transformation, completing eight acquisitions and expanding its production presence in Italy and Spain to reach 11 industrial plants, with projected revenues nearing €350 million by 2025.
Industry overview in the target’s specific country
The Tile & Paving Material Manufacturing industry in Italy has been characterized by a robust demand for high-quality ceramic products, driven by both domestic consumption and export opportunities. Italy is renowned for its rich tradition in ceramics, with a strong emphasis on design and craftsmanship. The industry has seen a significant shift towards premium products, as consumers increasingly prioritize aesthetics and sustainability in their purchasing decisions. This trend has been further accelerated by the growing influence of international markets, particularly in the United States and other European countries.
In recent years, the Italian Tile & Paving Material Manufacturing sector has experienced a wave of consolidation, as companies seek to enhance their competitive positioning and operational efficiencies. The integration of smaller players into larger groups has allowed for greater resource allocation towards innovation and sustainability initiatives. This consolidation trend is expected to continue, driven by the need for companies to adapt to changing market dynamics and consumer preferences.
Moreover, the Italian government has been supportive of the construction materials sector, implementing policies aimed at promoting sustainable practices and reducing environmental impact. This has created a favorable environment for companies like Italcer, which have positioned themselves as leaders in sustainability by adopting innovative production techniques and materials. The industry's commitment to sustainability not only aligns with regulatory requirements but also resonates with consumers, further bolstering demand for eco-friendly products.
As the industry evolves, the focus on digital transformation and technological advancements is becoming increasingly important. Companies are investing in automation and smart manufacturing processes to enhance productivity and r…