Falcon Private Holdings LLC said Sept. 4 that it acquired a controlling stake in Halcón Cerámicas. Financial terms weren’t announced. The sellers, the Montalbo and Vicent families, will retain ownership positions. Halcón, of Castellón, Spain, is a ceramic tile producer. Falcon Private Holdings is the private investment manager of the US-based family office of Jamshid Keynejad and Barry Siadat.
Falcon Private Holdings Closes Control Investment in Halcón Cerámicas
Castellón, Spain – September 4, 2018 – Falcon Private Holdings, LLC (“Falcon Private Holdings” or “Falcon”), the private investment manager of the US-based family office of Jamshid Keynejad and Barry Siadat, announced today that it has closed the acquisition of a controlling interest in Halcón Cerámicas (“Halcón” or the “Company”), a leading Spanish ceramic tile producer, from the existing family owners. The Montalbo and Vicent families will retain ownership positions and their active engagement with the Company will continue.
Halcón designs, produces, and distributes a broad portfolio of ceramic tiles for floor and wall applications. Halcón, with global sales approaching €150 million, holds a market leading position in Spain and has been rapidly penetrating growing markets in the rest of Europe, North America, and the Middle East. Headquartered in Castellón, Spain, the Company operates an efficient network of four production plants and two logistical centers within the same region.
Francois Brendel, a principal of Falcon Private Holdings, noted: “Halcón, one of the largest producers in Spain by capacity and one of the fastest growing in recent years, maintains a differentiated value proposition across numerous channels as a one-stop shop with the ability to rapidly supply a wide array of high quality, on-trend ceramic tiles at compelling price points and with premium customer service. We are excited to partner with the Montalbo and Vicent families to drive the next chapter of Halcón’s impressive growth story and value creation.”
Philip Marxen, a managing director of Falcon Private Holdings, noted: “This acquisition is consistent with our strategy of investing where we can utilize our internal operational capabilities to facilitate the development of sustainable businesses into higher-performing enterprises with greater long-term value. We believe Halcón is well-positioned to benefit from growth in renovation and housing demand as well as ceramic tiles’ expanding “share of home” driven by an increasingly superior value proposition relative to competing floor and wall coverings such as carpet, wood, and stone.”
Saturnino Montalbo, a rollover shareholder and an executive director of the new group, noted: “We look forward to active collaboration with Falcon, a long-term investor with patient and flexible capital paired with deep operating capabilities. We share a common vision and are enthusiastic about the prospect of deploying additional capital to expand production capabilities and investing in direct sales and marketing.”
Guillermo Vicent, member of one of the reinvesting families and also an executive director of the new group, noted: “We partnered with Falcon due to our belief that their team of investor-operators will accelerate the professionalization of our family-owned business and facilitate profitable growth, particularly in the international arena.”
For Falcon, Fidentiis acted as M&A advisor, Cuatrecasas acted as legal counsel, and Deloitte acted as accounting and tax advisor. Banco Santander and CaixaBank provided committed debt financing for the transaction as Mandated Lead Arrangers and Bookrunners. Banco Santander also acted as Agent with respect to the financing.