The Engineered Stone Group (the "ES Group" or the "Company"), announced it has entered into an agreement to acquire the assets of Resiblock S.L., Baniana Bath S.L, and Bold The Solid Company S.L., (together "Resiblock"), a leading Spanish manufacturer of engineered stone and solid surface shower trays and washbasins. The acquisition further establishes the ES Group's position in the engineered stone bathroom products space, a growing segment within the broader bathroom products market. The transaction is expected to close at the end of this month and financial terms were not disclosed.
The ES Group is a global leader in the production of engineered stone bathroom products. The Company provides a broad offering of brands and high-quality products, coupled with a commitment to outstanding customer service and the scale to invest in continued product innovation. In addition to Resiblock, the ES Group is comprised of Marmite, Acquabella, F&D Group, Mcbath, Nuovvo, Fiora, MTI Baths and Aquatica. The ES Group is led by CEO Brian McCluskie and was established by The Cranemere Group, a holding company focused on building high-quality businesses for the long term.
Resiblock has established a track record of manufacturing high-quality engineered stone and solid surface shower trays and washbasins. Resiblock supplies a diverse base of customers in Southern Europe with particular focus on Spain. Resiblock will maintain its headquarters in Cordoba, Spain, as a member of the ES Group and will maintain its existing manufacturing locations and workforce, while continuing to serve its valued customers as it does today.
We continue to see strong demand for engineered stone products in the bathroom as it replaces materials such as acrylic and porcelain. Resiblock's manufacturing capabilities, complementary geographical focus and reputation for value make them a compelling addition to the Engineered Stone Group, said Mr. McCluskie.
"We are thrilled to join the Engineered Stone Group, We look forward to partnering with Brian and the team at the ES Group to further invest in product innovation and capacity expansion and to offer a broader portfolio of products and enhanced service levels to our valued customers."
-Juan Vacas, Founder and CEO of Resiblock.
We continue to see a significant opportunity to lead the material conversion to engineered stone over the long term. Resiblock is an important addition to our Company and enhances the ES Group's position as a leader in this segment, said Christopher Mahan, Chairman of the Engineered Stone Group.
About The Engineered Stone Group:
The Engineered Stone Group is a European holding company established by The Cranemere Group to be the global leader in engineered stone products. The ES Group is comprised of Marmite, Acquabella, F&D Group, Mcbath, Nuovvo, Fiora, MTI Baths, Aquatica, and now, upon completion, Resiblock.
About Resiblock:
Resiblock is a leading provider of engineered stone and solid surface shower trays and washbasins in Southern Europe with particular focus in Spain. Based in Cordoba, Spain, Resiblock offers products at outstanding value, quality, and speed.
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.