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Mohawk Industries Acquires Marazzi Group
Mohawk Industries, Inc./US has entered into a definitive agreement to acquire the Marazzi Group/IT, which will make Mohawk the worldwide leader in ceramic tile.
The Marazzi Group is a leading manufacturer and marketer of cer-amic tile in all its major geographies, including Russia, the United States, Italy, France and Spain. Marazzi’s 2011 revenues were about EUR 833 million with EBITDA of approximately 15,5 % under historical IFRS accounting. Marazzi is held by the Marazzi family and two private equity funds – Permira and Private Equity Partners. Mohawk is acquiring Marazzi for EUR 1,17 billion with a combination of cash and equity. Marazzi’s estimated 2012 EBITDA of EUR 145 million represents a purchase multiple of about eight times. Mohawk anticipates that the transaction will be accretive in 2013. Marazzi distributes ceramic tile in more than 100 countries through a strong international sales force, which will increase Mohawk’s worldwide growth. Founded and managed by Filippo Marazzi, Sr. and his family, the Marazzi Group has become a global leader in ceramic tile with worldwide brand recognition. Marazzi operates manufacturing facilities in Russia, the United States and Western Europe and employs around 6300 people. (12/2012)
