Thu 08/18/2022 11:37 AM
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Pemberton has provided a unitranche of about €350 million to support CVC’s acquisition of Spanish sintered stone producer Neolith, sources confirmed to Reorg.

Neolith was marketed off pro forma EBITDA of €59 million in December 2022 and reached a valuation of about €700 million. The company was considered attractive for lenders as it has good margins and low capex. Evercore ran the sale.

Pemberton was the original sole lender of the financing and has since sold down part of the debt package to Spanish debt funds including Oquendo, Tresmares and Arcano, according to an article in Expansion and sources Reorg spoke to.

The direct lender has financed Neolith since September 2019, when it supported independently managed investment company InvestIndustrial’s acquisition of the company.

Neolith’s revenue was €145 million in 2021 and the group’s EBITDA was about €50 million. In 2020, despite Neolith’s sales dropping more than 10% in the first half due to the Covid-19 pandemic, it reported a turnover of €124 million and EBITDA grew 4.8% year over year to €39 million, according to its sustainability report for the year.

The company, which was founded in 2009, has its headquarters in Castellon, Spain, and produces large-format sintered surfaces created from 100% natural raw materials with a focus on high-end kitchens. The group distributes its products in more than 80 countries and employs approximately 550 professionals.
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