Intaj acquires key stake in Italian group
Riyadh, September 9, 2009
Intaj Capital, a $250 million private equity fund managed by Swicorp has acquired a strategic stake in Powergres, a leading Italian-based contemporary ceramic designer and distributor.
The transaction, which was completed through Uniceramic Holding, one of Intaj Capital's portfolio investments, consisted of both a capital increase and a share swap, said a company statement.
Uniceramic, a company incorporated under the laws of Bahrain, was created in 2007 with the vision of building it into a Mena-based international player in the ceramic tiles and sanitarywares industry, leveraging the cost-competitiveness of the Mena region in the sector and growing demand across the region.
Since its inception in 2004, Powergres has grown to be renowned for its trend-leading designs and world-class product quality, having succeeded in building a strong brand and international distribution capabilities.
Nabil Triki, head of Private Equity at Swicorp, said Mena continued to be among the most attractive regions globally as relates to the ceramics industry.
'In a market experiencing steady growth and blessed with a competitive cost structure, the addition of Powergres to Uniceramic’s portfolio of investments will enable us to extend our distribution capabilities beyond the Mena region and acquire world-class know-how in the areas of design and manufacturing”.
Hassen Marzouk, who spearheaded the transaction, and will represent Intaj on the Powergres Board of Directors, said: “Powergres has built a successful business model in a relatively short timeframe. We are confident the complementary strengths of Uniceramic and Powergres will take us a step further in achieving the initial objectives we had laid out for the company.”
Donato Mancini, CEO of Powergres, said the integration of Powergres within Uniceramic will enable the company to consolidate its position, providing it with access to the financial resources and competitive-cost manufacturing platforms of Uniceramic in the Mena region.-TradeArabia News Service
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