Mittel acquires Galassia Group and Disegno Ceramica in the sanitaryware sector
Following the acquisition of Ceramica Cielo in 2017, Mittel continues its growth in the designer bathroom furnishing sector to create a more than 65-million-euro hub in the Civita Castellana cluster.
Following the 2017 acquisition of Ceramica Cielo, Mittel S.p.A. is continuing its growth in the designer bathroom furnishings sector. On 28 June, the Milan-based investment group finalised the purchase of a majority share in Galassia Group and an 80% interest in Disegno Ceramica, both historic companies located in the ceramic sanitaryware cluster of Civita Castellana (Viterbo).
The investment, carried out through the subholding Mittel Design, totalled 11.4 million euros, financed entirely by equity. Both companies will continue to be led by current managing directors and minority shareholders Dimitri Mei, who has maintained a 10% stake in Galassia, and Marco Carabelli, who holds 20% of Disegno Ceramica.
Aimed at establishing Ceramica Cielo as a centre of excellence in the sector, the operation has created a group with over 350 employees, a total turnover of more than 65 million euros, an EBITDA of around 13 million euros and an export share of 40% and constantly expanding. The three companies are highly complementary in terms of their competitive positioning.
Under the leadership of Alessio Coramusi (shareholder and CEO), Ceramica Cielo is registering high growth rates and establishing the brand internationally as one of the leading players in the bathroom furnishing sector. Following the acquisition of Mittel, turnover grew from 19 million euros in 2016 to 28 million euros in 2018, a double-digit growth trend that has continued during the first few months of 2019.
Founded in 1980 in Corchiano (Viterbo), Galassia posted revenues of 25 million euros in 2018, of which 40% was generated from exports. Disegno Ceramica, founded in 1993 in Gallese (Viterbo), is a niche producer of washbasins and ceramic sanitaryware for the bathroom and kitchen furnishing industry and in 2018 posted a turnover of 12 million euros, more than half of which was generated from exports.
Marco Colacicco, Chairman of the Executive Committee of Mittel, commented: “This acquisition will bring significant industrial, commercial and organisational synergies while maintaining the individual corporate entities. With its larger size, the Group will be better equipped to address the challenges of a globalised and increasingly competitive market.”
Mittel has also announced that it intends to make further investments in the future as part of plans to create a centre of excellence in Italian design, including segments that complement its bathroom furnishing operations.