Houlihan Lokey Advises Puertas SanRafael and Puertas Castalla

Houlihan Lokey is pleased to announce that Puertas SanRafael, S.A., and Puertas Castalla, S.L. (together, “PSRC”) have been acquired by Compagnie Manufacturière d’Aménagements Intérieurs (CMAI Group), a portfolio company of Intermediate Capital Group plc (ICG). The transaction closed on 7 October 2020.

PSRC is the Spanish leading designer and manufacturer of doors with an unparalleled product portfolio serving a stable, blue-chip customer base across the residential end market. The group comprises:

• Puertas SanRafael: Founded in 1986, the company develops, produces, and markets decorative interior doors of all types of high-end finishes—in standard and custom sizes—to a network of distributors, resellers, and installers in Spain and internationally.
• Puertas Castalla: Founded in 1989, the company develops, manufactures, and markets decorative interior doors of medium- and high-end finishes in Spain and internationally, either through specialised dealers or large DIY distribution.

Headquartered in London, ICG is an independent private equity firm with 14 offices around the world. Founded in 1989 by six entrepreneurs, the firm manages in excess of €45.6 billion of capital and invests in middle-market companies in a diverse range of industries, including industrial and building products sectors.

CMAI Group, acquired by ICG in 2018, is a leading French maker of closets and sliding doors. The company was created in 2015 with the acquisition of Établissements Sogal, the main French player in made-to-measure and walk-in closets in all distribution channels, by Agem, a specialist in custom interior fittings of all the parts of the house at specialized points of sale. After the acquisition of ICG, CMAI Group also acquired Quadro in 2018, with a wide network of stores, in order to become the undisputed leader in home personalisation in the French market.

The transaction will allow CMAI Group to benefit from PSRC’s know-how in interior door production and marketing, the necessary resources to pursue its combined growth strategy in the field of interior doors in France, and the internationalisation capacities that PSRC has developed over the last years. In addition, PSRC will be able to acquire their complementary product portfolio from CMAI Group, which is to be deployed in Spain and within the framework of the international projects in which they are involved.

Houlihan Lokey served as the exclusive financial advisor to PSRC and assisted in successfully structuring and negotiating the transaction. This deal highlights the firm’s capabilities and dedicated sector expertise advising building materials companies and working with founder-owned businesses.