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Wednesday, September 28, 2022
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Five law firms advise on CVC´s acquisition of Neolith

A cross-border team from Allen & Overy is advising CVC Capital Partners VIII, a global private equity platform, on the financing of its acquisition of Neolith Group, the global leader in sintered stone surfaces with business in over 100 countries. KPMG provided Tax advice to Investindustrial and CVC, with Pérez-Llorca, Uría Menéndez and PwC also advising on this deal

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CVC Capital Partners VIII, a global private equity platform, has agreed to invest in the Neolith Group, the global leader in the sintered stone industry, that has been controlled by Investindustrial and its founders, the Esteve Family, until now.

Neolith, pioneer in the creation of sintered stone and a global leader with business in over 100 countries, leads the ongoing process of transformation in the stone surfaces industry with innovative and sustainable solutions that combine design and functionality for a wide range of applications; from kitchens, bathrooms and designer furniture to building façades and coverings for the most cutting-edge architecture projects.

Neolith, pioneer in the creation of sintered stone, leads the ongoing process of transformation in the stone surfaces industry with innovative and sustainable solutions that combine design and functionality for a wide range of applications; from kitchens, bathrooms and designer furniture to building façades and coverings for the most cutting-edge architecture projects.

Javier de Jaime, Managing Partner at CVC, said: “We are thrilled to have materialised this investment in Neolith so we can continue leading this industry together and undertake the next stage of the investment, which will allow the company to continue accelerating its international expansion and multiply its growth behind the unique value proposition and position it enjoys in the market. CVC funds invest in companies with outstanding track records that are leaders in their respective industries. Neolith symbolises what we look for in any investment: a growing global market, a unique business model and a multi-disciplinary team that is highly skilled, motivated and international. Our vision is to multiply value in the long term and help the company to unleash its full potential, behind sustainable growth, by committing to technology, research and development of advanced materials, design and branding.”

The A&O team in London was led by Leveraged Finance partner Neil Sinha and senior associate Nick Hallam with associates Jocelyn Ho and Dhruv Mairal. The Madrid team was led by partner Ignacio Ruiz-Camara with senior associate Sara Sanz, associate Joan Carbonell and trainee María Ramos; and in Luxembourg, partner Henri Wagner, counsel Andreas Hommel, associate Inès Bejaoui and trainee Serge Ilioukhine.

KPMG provided Tax advice to Investindustrial, with a team led by M&A and Tax area partner Pilar Garcia Molinero, and Employment advice with a team led by Labour partner Francisco Fernández. KPMG also provided Tax advice to CVC with a team led by partner head of the International Tax and M&A Tax practice Carlos Marín, and M&A Tax director David Pascual.

Top row: Pilar Garcia Molinero and Francisco Fernández. Bottom row: Carlos Marín and David Pascual
Top row: Pilar Garcia Molinero and Francisco Fernández. Bottom row: Carlos Marín and David Pascual, all from KPMG

According to El Economista, Pérez-LLorca, PwC and Uría Menéndez also advised on this deal.

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