BrazilItaly's Surfaces Group changes private equity hands
US private equity firm TA Associates has acquired Surfaces Group from Astorg. The deal was advised on by an army of M&A consultants.
With revenues of around €100 million, Italy-based Surfaces Group is one of the world’s larger suppliers of abrasive tools and consumables. The firm’s products are used to smoothen, cut and polish high-end ceramic tiles, stone slabs, glass panes and metal objects.
Having operated as a portfolio company of Astorg for the past three years, Surfaces Group is now seeing its ownership transferred to fellow investor TA Associates. Under Astorg’s wings, Surfaces Group managed to book strong growth, organically through the expansion into new markets, and inorganically on the back of a few deals.
“Under Astorg’s stewardship we have done the right investments to consolidate our market leadership position and to continue to offer first class service and innovative technology to our customers,” said Pierluigi Dinelli, the CEO of the Italian company.
Welcoming the firm’s new owner, Dinelli said that TA Associates shares the firm’s “vision and ambition” and has a demonstrated track record of helping similar companies expand internationally.
Today, Surfaces Group employs more than 500 people globally across seven locations in Northern Italy and subsidiaries in the United States, Spain, Portugal, Brazil, Turkey, Russia and India. Patrick Sader, the Managing Director at TA Associates, said that the company has all the necessary ingredients to continue its strong growth trajectory.
“Surfaces Group has a high quality business model, a leading market position and what we believe are best-in-class products and customer services, with multiple potential levers of growth both organically and through acquisitions. We are thrilled to partner with Gaetano Maffei (founder partner), Pierluigi Dinelli (chief executive) and the management team.”
TA Associates was advised by consultants from EY-Parthenon, KPMG and lawyers from Latham & Watkins. At the other side of the table, seller Astorg was supported by Houlihan Lokey, Rothschild, Italian law firm BonelliErede and EY, while the management team of Surfaces Group received expert services from Milan-based law firm Pavia e Ansaldo.
