Investcorp acquires Esmalglass

Investcorp, the international alternative asset manager, announced today that it has acquired Esmalglass, a leading global supplier of intermediate products for the ceramics industry, from international investment firm 3i and some of the company's founders. While Investcorp's corporate investment team has been investing in leading businesses in Europe for 30 years, this marks the Firm's first transaction in Spain. Terms of the transaction were not disclosed.

Established in 1978 in Villareal, Spain, Esmalglass produces high quality ceramic glazes and colours, as well as inkjet inks, an innovative and rapidly growing product used to decorate tile surfaces. Esmalglass' products are sold to more than 450 customers worldwide. The company's global activities are supported by manufacturing and mixing plants in Spain, Brazil, Portugal, Italy, Russia, Indonesia and China, as well as by large design and technical assistance teams in all the major ceramic markets across the world. In 2011, Esmalglass generated a turnover of approximately Euro 270 million.

Daniel Lopez-Cruz, a Managing Director in Investcorp's corporate investment team in London, said: "Investcorp's depth of experience in a range of markets has enabled us to identify interesting investment opportunities in Europe in these challenging economic times. Esmalglass operates in a global industry that has been consistently growing over the last decade. The company markets a wide range of mission critical intermediate products for ceramic and porcelain tile manufacturers around the world. It also provides unparalleled design support and technical assistance to its clients.

"We're excited about the company's growth prospects due to its strong franchise in emerging markets - over 50% of sales come from Latin America, Middle East and Asia - and its leading position in the fast growing inkjet ink technology sector. We're also backing an extremely experienced management team that has been responsible for driving the company to its current preeminent position and which is fully committed to taking Esmalglass to its next phase of development."

Dr. Vicente Bagán and Dr. Antonio Blasco, Co-CEOs of Esmalglass, said: "Investcorp is a truly global investment firm with an impressive track record assisting and developing international businesses. We see significant expansion opportunities around the world and view Investcorp as an ideal partner to back and support our international growth plans. This transaction provides us with a strong capital base and an experienced partner to pursue these opportunities. In addition, the reinvestment alongside Investcorp by the management team and some of Esmalglass' original founders provides the required continuity to the company's strategic plan."

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