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Cranemere-backed ES Group buys MTI Baths and Aquatica

The Engineered Stone Group, which is backed by the Cranemere Group, has acquired MTI Baths and Aquatica.

The Engineered Stone Group, which is backed by the Cranemere Group, has acquired MTI Baths and Aquatica. MTI is a producer of engineered stone, solid surface, acrylic and hydrotherapy bathtubs; and Aquatica is a maker of bathtubs and spas. No financial terms were disclosed.

PRESS RELEASE

EDINBURGH, United Kingdom, and SUGAR HILL, Georgia, March 1st, 2022 – The Engineered Stone Group (the “ES Group”) today announced that it has acquired MTI Baths (“MTI”), a leading premium producer of engineered stone, solid surface, acrylic and hydrotherapy bathtubs in the US; and Aquatica, a premium brand producing high-end solid surface bathtubs and spas serving the online direct-to-consumer channel in North America. Financial terms of the transactions were not disclosed.

The Engineered Stone Group is a material specialist focused on the design and manufacturing of engineered stone bathroom products, including tubs, shower trays, sinks and wall panels. The ES Group provides a broad offering of high-quality products and specialty brands, coupled with a commitment to outstanding customer service and the scale to invest in continued product innovation. The ES Group is comprised of Acquabella, Fiora, Mcbath, F&D Group, Nuovvo, Marmite, and now MTI and Aquatica. The ES Group was established by The Cranemere Group, a holding company focused on partnering with and building businesses over the long term.

Founded 34 years ago, MTI is a leading designer and manufacturer of engineered stone, solid surface, and hydrotherapy tubs, shower trays and sinks. MTI offers one of the widest product portfolios in the industry with over 260 models of bathtub and numerous customizations. Renowned for its innovation, product quality and customer service, MTI has been the recipient of over 160 design awards and was the first in the industry to offer a lifetime warranty. With approximately 260 employees, MTI is headquartered in Sugar Hill, Georgia.

Founded over 10 years ago, Aquatica is a premium producer of engineered stone, solid surface, and hydrotherapy bathtubs and spas, primarily serving the direct-to-consumer online channel in North America and the United Kingdom. Aquatica offers a wide array of customizations and hydrotherapy accessories, including lighting, air jets, whirlpool, heating systems and walk-in-baths. Aquatica’s design and manufacturing operations are based in Europe.

Both MTI and Aquatica will continue to operate as independent brands as part of the ES Group. Each will continue to be led by their existing management teams and maintain their respective headquarters.

“The acquisitions of MTI and Aquatica significantly expands our ability to serve North American customers with leading brands, capabilities and expertise. We are steadfast in continuing their commitment to innovative design and materials, excellent products and leading customer service,” said Brian McCluskie, CEO of the ES Group. “We are excited to expand our position to North America. The combination of these leading specialty bathtub and hydrotherapy brands in the US with the ES Group’s European products, technology and scale creates a powerful set of capabilities to meet the needs of US customers.”

“During the last 20 years of employee ownership, we have established MTI as the leading specialty bathroom and hydrotherapy brand in the US. We are very appreciative of the skill, hard work and dedication of the employees of MTI that made this happen,” said Kathy Adams, CEO of MTI. “We are equally excited for the next chapter as a division of the ES Group. The combination of capabilities allows us to build on the strong foundation we have built at MTI to build an even stronger company as part of the ES Group.”

“There is a huge opportunity in high-quality solid surface and hydrotherapy bathtubs and spas,” said Joseph Burnstein, founder and CEO of Aquatica. “By combining with the ES Group, we have the ability to bring our collective capabilities to capture this opportunity on a global basis.”

“The additions of MTI and Aquatica establish the ES Group as a meaningful material specialist in the North American bathroom products segment,” said Christopher Mahan, Chairman of the ES Group and Senior Managing Director of Cranemere. “Hydrotherapy is an attractive and growing area and MTI and Aquatica make us a leader in this segment. This is an important addition to our products and brands focused on engineered stone bathroom products. The ES Group has assembled a global group of products, brands and capabilities to be a leader in these segments over the long-term.”
The ES Group was advised by Houlihan Lokey and Milbank.

About The Engineered Stone Group
The Engineered Stone Group is a European holding company established by The Cranemere Group to be a leading specialist in engineered stone and hydrotherapy products. The ES Group is comprised of a group of leading branded and private label manufacturers of engineered stone bathroom products, including shower trays, sinks, tubs and wall panels. The ES Group includes MTI, Aquatica, Aquabella, Fiora, F&D Group, Mcbath, Nuovvo and Marmite.

About MTI
MTI is a leading manufacturer of bathtubs, shower trays and sinks. MTI was established in the 1980s and pioneered the development of engineered stone, solid surface and acrylic hydrotherapy bathtubs in the US. The business offers a wide range of award-winning bathtubs across its Boutique, Designer and MTI BASICS lines, customized to the specifications of each individual customer. MTI is focused on the most prominent decorative plumbing showrooms in the country with a robust distribution network. The company is headquartered in Sugar Hill, Georgia.

About Aquatica

Aquatica is a rapidly growing producer of engineered stone, solid surface and acrylic bathtubs and spas. Aquatica primarily serves the direct-to-consumer online channel and is a specialist in hydrotherapy. The company designs and manufactures its products in Europe.

About The Cranemere Group

The Cranemere Group is a holding company focused on partnering with founders and management teams to build industry leading businesses in essential industries. As a pioneer in professionally managed long-term capital, The Cranemere Group provides experience, expertise and global networks to support the growth of its companies and to create value for all its stakeholders. The Cranemere Group is headquartered in London and has offices in New York and Washington, D.C.