LONDON and CASTELLÓN, Spain, Feb. 3, 2020 /PRNewswire/ -- The Cranemere Group, a holding company that partners with businesses for the long term, 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 The Cranemere Group previously acquired in 2016. Financial terms of the transaction were not disclosed.
By bringing together 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 the shared platform will provide. Brian McCluskie will continue as the Chief Executive Officer of both The Engineered Stone Group and Marmite. Acquabella Chief Executive Officer Juan José Benavent and the management teams of Acquabella and Marmite will remain in their roles.
"The combined Group is a leader in both branded and private label products, with a comprehensive offering of shower trays, basins, bathtubs and wall panels, and serves all the major distribution channels across Europe," said Mr. McCluskie. "The Cranemere Group's long term horizon and resources will allow The Group to continue to invest in enhancing our capabilities to meet customers' needs, and build a global leader as engineered stone becomes an increasingly important material for high quality bathroom fixtures."
"We are excited to join forces with Marmite as part of The Engineered Stone Group, and are confident that this partnership will benefit all of Acquabella's stakeholders," said Mr. Benavent. "We are well positioned for sustained growth and continue to be focused on meeting the needs of customers and retailers. The expanded product line and enhanced scale of the group provides additional resources and capabilities without changing what makes Acquabella unique."
"The superior quality of engineered stone is driving a material replacement cycle. As this cycle develops, this Group is uniquely positioned to meet the needs of customers across Europe and the US," said Christopher Mahan, Chairman of the Engineered Stone Group. "Under Brian's leadership of the Group, and together with Juan José and the management teams of both companies, we see potential for many years to come."
For more information about The Engineered Stone Group, visit www.engstone.com.
About The Cranemere Group
The Cranemere Group 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 Cranemere Group's shareholder group is composed predominantly of global families and a select group of institutions focused on the long term. The Cranemere Group provides patient capital, business building 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.
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. The company was recently recognized as "The Business of the Year" at the European Business Awards.
Founded in Sweden in 1973, Marmite is a leading designer and producer of private label engineered stone basins, bathtubs and shower trays. The company operates two manufacturing facilities in Poland, serving large customers across Europe and the US.
Jonathan Keehner and Julie Oakes
Joele Frank, Wilkinson Brimmer Katcher