PRINT THIS PAGE

Permira and Private Equity Partners buy 33 per cent of Italian tiles firm

Pan-European buy-out group Permira and Italian group Private Equity Partners have bought 33 per cent of the Italian firm Marazzi Group, the world's largest manufacturer of tiles. Their investment is intended to support the firm's ambitions to grow its international presence.

Permira, investing out of its second European fund, has acquired 28 per cent of the firm's share capital and PEP five per cent. Marazzi said in a statement that the two groups had invested with the view that the firm would be floated in three to five years.

Filippo Marazzi, president of the firm, said: 'Permira Europe II and PEP's contribution of capital can't help but further the implementation of our plan for growth, given the expertise, role, and acknowledged standing of these new partners.'

Paolo Colonna and Nicola Volpi from Permira will join Marazzi's board and Fabio Buttignon will join from PEP.

Colonna said Permira's interest in making a minority investment reflected the strength of Marazzi's business. 'This is in recognition of Marazzi's position as world leader in a sector where design and technology are state of the art.'

Marazzi is active in 130 countries and has 4000 employees spread across 18 plants. In 2003 it had a turnover of E750m.

Copyright © 2004 AltAssets