Ethica Corporate Finance advised Ceramica Cielo in the acquisition of a large majority stake in Galassia Group S.r.l.
Ceramica Cielo is one of the main Italian players in the production of bathroom furniture in ceramics. CIELO is one of the reference brands in the entire bathroom furniture sector. The Company has been acquired by the investment holding Mittel S.p.A. in June 2017 and achieved approx. €28 mln revenues in 2018 – with significant growth expected by 2019.
Galassia Group S.r.l. is an Italian brand active in the production of bathroom furniture in ceramics, with a strong international reputation. The Company recorded ca. €25 mln revenues in 2018, of which 40% arising from export.
The transaction is part of Mittel’s strategy of creating an excellence hub for design bathroom furniture products and other complementary sectors where Italy has an important and internationally recognized leadership.
“The transaction – states Mr. Marco Colacicco, President of Mittel’s Executive Committee – is perfectly coherent with our strategic plan and with our value-creation project through our investments. Through this aggregation it will be possible to realize significant industrial, commercial and organizational synergies, still maintaining separate firms, while allowing our Group to be prepared for the challenges of a globalized and increasingly competitive market thanks to a more proper scale”.