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ICFG India advises Lioli Ceramica in cross-border strategic acquisition by Caeserstone Limited
ICFG India advised on this deal in 2020
ICFG India advises Lioli Ceramica in cross-border strategic acquisition by Caeserstone Limited
Target Company Name Lioli Ceramica Pvt. Ltd
Deal Types
    Target Country India
    Buyer Name / MBO Team / MBI Team Caesarstone Ltd
    Buyer Country Israel
    Transaction Description

    ICFG member Pantomath Group, based in Mumbai, has successfully advised on the acquisition of Gujarat based Lioli Ceramica Pvt. Ltd (“Lioli”), by global quartz leader Caeserstone Limited, the first cross border strategic transaction in the building construction materials sector since the Covid-19 break-out, providing a major boost to the ‘Make in India’ initiative.

    Caesarstone Ltd is a publicly traded company on NASDAQ and is the global leader in the premium quartz industry, opergating out of Israel.

    Gujarat based Lioil is a manufacturer of cutting-edge Ceramics countertop slabs, operating one of the most innovative and technologically advanced manufacturing facilities, the first of its type in Asia. Founded in 2016, Lioli now exports its products to 35 countries and has quickly established itself as an industry leader.

    Ceramics represents one of the fastest growing categories in the global countertop market.   Caesarstone’s entrance into the Ceramics countertop market is accentuated by its dominant presence in quartz surfaces and strengthens its global competitive advantage. Combined with Lioli’s advanced production technology makes this union an ideal strategic combination.  Lioli’s manufacturing facility is based at Morbi, Gujarat. Morbi is a huge industrial hub, partcularly famous for the production of ceramic tiles, housing 80% of India’s ceramic vitrified tile manufacturing units.

    Hitesh Deteroja, CEO of Lioli Ceramica Pvt. Ltd. Commented:

    “We are excited to join forces with Caesarstone and to be part of its global vision and growth acceleration plan. We are Asia’s one of the first mega-sized porcelain countertop producers with a state-of-the-art technologically advanced manufacturing facility. Our diversified premium products are geared to cater to Caesarstone’s global network to further enhance customer experiences.”

    Ms Madhu Lunawat, Co-Founder, Pantomath Capital Advisors Pvt Ltd commented:

    “Caesarstone-Lioli transaction is the first such cross border strategic transaction in building construction materials industry post Covid-19 break-out and we do believe that, it would be a significant boost to ‘Make in India’.  Lioli getting FDI is a milestone not only for Lioli but for the entire industry and we believe that this landmark deal would open-up the sector and help Indian manufacturers go global, expand output, and boost employment”.

    Milan Gadara, Director of Lioli Ceramica Pvt Ltd said:

    “Our state-of-the-art manufacturing facility is a matter of pride for the entire industry. We are committed to adopt global standard backed by highest code of business conduct.”

    Under the terms of the transaction, Caesarstone has entered into a definitive agreement to acquire majority ownership in Lioli Ceramica for a cash investment of approximately US$22 million, based on the achievement of certain milestones. The transaction is expected to get closed in 2020, subject to customary closing conditions.

    Pantomath Capital Advisors Pvt Ltd acted as the sole Investment Banker and Financial & Tax Advisors to Lioli Ceramica.

    Industry Sectors
    • Consumer & Retail
    • Industrial Manufacturing
    ICFG Office Mumbai - HQ, India
    ICFG Advisory ICFG India advised on this deal in 2020

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