H.I.G. Capital Sells Fiora to The Engineered Stone Group
MADRID – September 13, 2021 – H.I.G. Capital, (“H.I.G.”), a leading global alternative asset management firm with $45 billion of equity capital under management, announced today that an affiliate has sold Fiora Bath Collections, S.L. (“Fiora” or the “Company”) to The Engineered Stone Group (“ES Group”).
Fiora is a leading manufacturer of resin shower trays, bathroom furniture, wall panels, washbasins, and other bathroom products, operating from a state-of-the-art manufacturing plant located in Nájera (La Rioja, Spain) and selling its products to over 30 countries.
H.I.G. acquired a majority stake in 2018 and since then has achieved a number of important milestones, including:
- Strengthening the Company’s innovation, design and product development capabilities, consolidating Fiora’s leading position in the European premium shower tray segment
- Expanding Fiora’s international footprint by entering into new markets in Europe and North America
- Entering new product segments (bathroom furniture) and channels (private labels and DIY)
- Further developing Fiora’s agent network and its direct access to more than 2,000 independent professional retailers
- Investing in the Company’s operational capabilities and logistics network to ensure market leading customer service levels and short lead-times
- Increasing the volume of shower trays sold by over 40%
Fernando Soriano, CEO of Fiora, stated: “We would like to thank H.I.G. for their close and trusting support and their strategic guidance over the last four years. Together, we have strengthened Fiora’s position as a leading shower tray manufacturer in Europe. H.I.G. has been a true partner for the management team, significantly supporting us in professionalizing the Company and pursuing an ambitious growth strategy.”
Jaime Bergel, Managing Director of H.I.G. Spain commented: “We are delighted to have supported Fiora in its transformation, and its successful growth path towards a true European market leader. The Company is now perfectly positioned for further growth on a global scale and we wish the management team continued success in the future.”
Founded in the 1980s, Fiora is a leading manufacturer of resin shower trays, bathroom furniture, wall panels, washbasins, and other bathroom products, operating from a state-of-the-art manufacturing plant located in Nájera (La Rioja, Spain) and selling its products in over 30 countries. Fiora employs more than 140 professionals.
About The Engineered Stone Group
The Engineered Stone Group was established by The Cranemere Group to build a leading material specialist in the broader bathroom product market. ES Group offers a full suite of engineered stone bathroom products, including basins, bathtubs, shower trays and wall panels presence in all relevant European countries. The ES Group is made up of Marmite, Acquabella, F+D Group, Mcbath, Nuovvo and Fiora.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $45 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Rio de Janeiro, São Paulo and Bogotá, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
- H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.