An investment subsidiary of Investindustrial VI L.P. has signed a partnership agreement with the current owners of Neolith, Jesus and Jose Luis Esteve. This partnership was initiated to support the next phase of development of the Neolith brand. Although Investindustrial will acquire a majority shareholding in the Company, the Esteve family will retain a relevant minority interest. They will also continue to lead the management team and Chair of the Board of Directors.
Terms of the shareholding purchase were not announced.
Neolith was founded in 2009 with the aim of designing and producing large format sintered surfaces with unique characteristics serving multiple end-markets, including bathrooms, wall claddings, furniture, floorings, facades and with a particular focus on high-end kitchens. The Company’s success and rapid development has benefited from 40 years of experience of the Esteve brothers in the natural stone sector.
Jesus Esteve, Chairman of Neolith, said, “We are delighted to be partnering with Investindustrial as we look to grow the company further in the international markets outside Europe. Given Investindustrial’s background and deep knowledge in the high-end design sector and its global reach, we strongly believe it is the right partner to further support the international expansion of the company while strengthening the management team and reinforcing the product development.”
Investindustrial is a leading European group of independently managed investment, holding and advisory companies with €6.8 billion of raised fund capital, which provides industrial solutions and capital to mid-market companies in Europe. Its mission is to actively contribute to the development of the companies in which it invests, by creating growth opportunities and offering global solutions through an entrepreneurial pan-European vision.
Andrea C. Bonomi, Chairman of the Industrial Advisory Board, commented, “Neolith operates in an industry well-known to Investindustrial due to our prior and current investments in the sector. We are proud to partner with the Esteve family since we believe they have the right entrepreneurial approach and together we can lead Neolith to the second phase of investment, both to increase capacity at their local headquarters and internationally, and product development on a long-term basis.”
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