Houlihan Lokey Advises The Cranemere Group
Houlihan Lokey is pleased to announce that The Cranemere Group (Cranemere) has acquired Acquabella, a leading manufacturer of premium bathroom solutions, and established The Engineered Stone Group. The transaction closed on 30 January 2020.
Cranemere is a holding company focused on partnering with industry-leading operating teams in essential industries to build high-quality businesses for the long term. The company's shareholder group is composed predominantly of global families and a select group of institutions focused on the long term. Cranemere provides patient capital, business building expertise, and global networks to support the growth of its companies and create value for all its stakeholders. The company is headquartered in London and has offices in New York and Washington, D.C.
Cranemere has formed The Engineered Stone Group to establish a leader in engineered stone bathroom products. This group has acquired Acquabella, a leading European branded supplier of engineered stone shower trays and wall panels. Acquabella will operate under The Engineered Stone Group holding structure alongside Marmite, a leading producer of washbasins, shower trays, and bathtubs made of engineered stone (or mineral composite), which Cranemere previously acquired in 2016.
Headquartered in Castellón, Spain, with the vision of giving life to its customers' bathing environment, Acquabella is a leading European branded supplier of engineered stone shower trays, wall panels, and basins. By bringing Acquabella's focus on high-quality products and service with Marmite's design expertise and manufacturing capabilities, The Engineered Stone Group will be well positioned to better meet customer needs with greater resources, a broader product offering, and financial strength.
Acquabella and Marmite will continue to operate independently, while benefiting from the advantages provided by the shared platform. Brian McCluskie will continue as the CEO of both The Engineered Stone Group and Marmite. Acquabella CEO Juan José Benavent, as well as the management teams of Acquabella and Marmite, will remain in their roles.
Houlihan Lokey served as the exclusive buyside M&A and financing adviser to Cranemere.
RELATED: Industrials, Capital Markets