Want A Monopoly? Cranemere Group Has Acquired Seven Artificial Stone Bathroom Companies
On 13 September, Engineered Stone Group, the artificial stone bathroom manufacturer owned by investment firm Cranemere Group, announced that it would acquire Fiora and Nuovvo, two of Europe’s leading manufacturers of artificial stone bathroom products, adding to its Spanish bathroom business. The financial terms of the deal were not disclosed.
The acquisition comes on top of five other acquisitions by the Cranemere Group, including Marmite (2016), Acquabella Construplas (2019), F&D Group (2020) and McBath (2020).
Fiora was founded in the 1980s to pioneer the development of artificial stone materials for bathrooms. The company was owned by its four founding partners until it was acquired by HIG Capital and Royo Group in 2018. The company, which employs around 140 people, has a presence in more than 40 European countries and has four warehouses in Europe. In January this year, Roca acquired a 78% stake in Royo Group.
Nuovvo, based in Spain and founded in 2011, produces own-brand and own-brand artificial stone shower basins and countertops, employs over 120 people and completed the development of one of the largest modern facilities in the sector in 2020.