Seale & Associates advises Grupo Industrial Saltillo on the sale of Vitromex Ceramic Tiles to Mohawk Industries
Seale & Associates announced that it acted as exclusive financial advisor to Grupo Industrial Saltillo ("GIS") (BMV: GISSA), a leading Mexican company in the automotive, construction, and houseware industries, in reaching a definitive agreement for the sale of its Vitromex Ceramic Tiles Business (“Vitromex”) to Mohawk Industries, Inc. (“Mohawk”) (NYSE: MHK), a leading global flooring manufacturer, for $293 million. Vitromex was founded in 1967 and includes four manufacturing facilities strategically located throughout Mexico. Vitromex is one of the most highly regarded brands in the Mexican ceramic tile market with a broad distribution network and a product offering that includes glazed ceramic, porcelain, mosaics and decorative tiles. In 2021, Vitromex generated revenues of approximately $204 million. The transaction is expected to close in the second half of 2022 and is subject to the approval of GIS’s shareholders, as well as customary government approvals and closing conditions.
“For Vitromex, this transaction will represent an opportunity to join one of the main players in the ceramic tiles industry worldwide, which will enhance the growth of its business and accelerate the current capacity expansion plans,” stated Manuel Rivera, CEO of GIS.
“In the past decade, we have significantly increased our participation in the Mexican ceramic tile market, including developing a world-class organization and constructing a state-of-the-art facility in Salamanca. Ceramic tile is the primary flooring utilized in Mexico, and the market has grown approximately eleven percent in pesos per year over the past five years. Combined with Vitromex, we will offer our customers a complete array of residential and commercial products at all price points with enhanced service capabilities. Vitromex is one of the most highly regarded brands in the Mexican market and is recognized as a leader in innovation and design. We are pleased to welcome their talented team into the Mohawk global ceramic business,” stated Jeffrey S. Lorberbaum, Chairman and CEO of Mohawk.
“Seale & Associates was instrumental in helping us reach a successful agreement for Vitromex. The team’s professionalism, integrity, and dedication to the project were key for taking care of all the important details involved in the transaction,” stated Armando Chapa, Planning and Administration Director of GIS.
“We are pleased to once again have the opportunity to serve as an advisor to Grupo Industrial Saltillo. Our 20-year relationship successfully advising on a wide range of M&A mandates is a testament to having earned their trust, confidence, and respect. We are proud to announce another transaction that builds on our extensive track record of successfully advising multinational public and private companies in the building products industry,” stated Brett M. Carmel, Co-Founder and Senior Managing Director at Seale & Associates.
About Grupo Industrial Saltillo
Grupo Industrial Saltillo ("GIS") (BMW: GISSA) is a Mexican public company that designs, manufactures, and sells products for the automotive, construction, and houseware industries with 7,000 talented employees at 18 production units, with operations in Mexico, Spain, the Czech Republic, Poland, Italy, and China; as well as market and distribution presence in the USA. Their brand portfolio includes brands such as Draxton, Vitromex, Cinsa, and Santa Anita. Learn more at www.gis.com.mx/en/.
About Mohawk Industries. Mohawk Industries (NYSE: MHK) is a leading global flooring manufacturer with $11.2 billion in annual revenue in 2021, operations in 19 countries and presence in over 160 countries, including over 43,000 employees serving 25,000+ customers. Their portfolio includes American Olean, Daltile, Durkan, Eliane, Feltex, Godfrey Hirst, IVC, Karastan, Marazzi, Mohawk, Mohawk Group, Pergo, Quick-Step, and Unilin. During the past decade, Mohawk has transformed its business from an American carpet manufacturer into the world’s largest flooring company with operations around the globe. Learn more at www.mohawkind.com.
About Seale & Associates. Seale & Associates, Inc., is a global investment banking firm with extensive experience in mergers and acquisitions, corporate finance advisory, and enterprise level strategy consulting. Our professionals are trusted advisors maintaining a high level of quality and integrity while presenting innovative ideas and solutions to address our clients’ most complex dealings. For more information, please visit www.sealeassociates.com