Esmalglass, the Spanish manufacturer of glazes, frits and colors for ceramic tiles, has been bought out by the Esmalglass management and 3i. The management team, which includes some of the founders of…
Esmalglass, the Spanish manufacturer of glazes, frits and colors for ceramic tiles, has been bought out by the Esmalglass management and 3i. The management team, which includes some of the founders of the company, is the majority shareholder although 3i has a significant stake at nearly 50% of the shares. The buyout was triggered by the decision of the Colonques and Soriano families to sell their holdings in the company, which together amounted to around 50%. Esmalglass, founded in 1978, is the world leader in its sector, with subsidiaries in Brasil, Italy, Portugal, UK, China, USA, and Indonesia. In 2001 group turnover was EUR 155 million, 55% of which was from exports. In 2002 sales are expected to be 7% higher at EUR 166 million.