November 1, 2023
Grupo Lamosa announces the closing of the acquisition of Baldocer
Grupo Lamosa informs that on October 31st of this year, the acquisition of Baldocer was completed. The transaction had the approvals required by current regulations, such as the approval of the Ordinary Shareholders' Meeting.
The acquisition is being settled in two payments, the first for €354 million financed mainly with debt through a syndicated loan with an average life of four years, and the second payment in 2025 for an amount not less than €71 million, which may vary depending on Baldocer’s results.
The EBITDA reported by Baldocer in 2022 amounted to €67 million. The transaction includes Baldocer´s brands as Baldocer, Azulejos Benadresa (AB) and ETILE with high recognition in Europe and presence in more than 120 countries. The closing of the Baldocer acquisition is an important step in Grupo Lamosa's growth strategy, which will strengthen its presence on the European continent and increase its share of high-end products worldwide.
Grupo Lamosa is a Mexican company with presence in 9 countries, focused on the manufacture and marketing of ceramic tiles, adhesives, and insulation products, with a track record of more than 130 years in the construction materials industry.
September 22, 2023
Grupo Lamosa announces agreement to acquire Baldocer
San Pedro Garza Garcia, Nuevo Leon, Mexico. Grupo Lamosa, announces that it has reached an agreement to acquire the Spanish company Baldocer. The transaction is subject to the applicable corporate and legal approvals that are usual for this type of transaction.
The acquisition of Baldocer will be covered by two payments, the first payment of €354 million at the closing of the transaction, and the second payment in 2025 for an amount not less than €71 million, which may vary depending on Baldocer´ s results. The transaction in terms of enterprise value will be net debt free and subject to customary adjustments.
Given Grupo Lamosa's favorable leverage conditions, the company expects to finance the transaction mainly through debt. This transaction would increase Grupo Lamosa's consolidated revenues by approximately 16%, and the production capacity of ceramic tiles by 12%, reaching approximately 275 million square meters per year.
The acquisition of Baldocer with operations in Spain strengthens Grupo Lamosa's positioning and presence in Europe. It also represents another step in the company's growth and diversification path.
Grupo Lamosa is a Mexican company with presence in 9 countries, focused on the manufacture and marketing of ceramic tile, adhesives, and insulation products, with a track record of more than 130 years in the building materials industry.