Add-on Acquisition • Building Materials

Panariagroup Acquires Florida Tile

On February 27, 2006, Panariagroup acquired building materials company Florida Tile from Blackstreet Capital Management

Acquisition Context
  • This is Panariagroup’s 1st transaction in the Building Materials sector.
  • This is Panariagroup’s 1st transaction in the United States.
  • This is Panariagroup’s 1st transaction in Kentucky.

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M&A Deal Summary

Date February 27, 2006
Target Florida Tile
Sector Building Materials
Buyer(s) Panariagroup
Sellers(s) Blackstreet Capital Management
Deal Type Add-on Acquisition

Target Company

Florida Tile

Lexington, Kentucky, United States
Florida Tile, Inc. is the second largest manufacturer and distributor of ceramic wall and floor tile in the United States with over $120 million in revenue. The company distributes its products through a network of over 60 distributors, 35 company owned branches and through mass retailers such as Loews.
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Buyer Overview 1

Buyer

Panariagroup

Fiorano Modenese, Italy

Category Company
Founded 1974
Sector Building Materials
Employees1,700
Revenue 382M EUR (2018)
DESCRIPTION

Panariagroup offers production and marketing of ceramic floor and wall tiles, with a focus on high-end and luxury market. Panariagroup Industrie Ceramiche was founded in 1974 and is based in Fiorano Modenese, Italy.


Deal Context for Buyer #
Overall 1 of 1
Sector: Building Materials 1 of 1
Type: Add-on Acquisition 1 of 1
State: Kentucky 1 of 1
Country: United States 1 of 1
Year: 2006 1 of 1

Seller Profile 1

SELLER

Blackstreet Capital Management

Chevy Chase, Maryland, United States

Category Private Equity Firm
Founded 2003
PE ASSETS 200M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Blackstreet Capital is a private equity firm focused on control buyouts of under-performing corporate orphans with $25 to $150 million in revenue. Industries of interest include niche manufacturing, distribution, specialty retail, education and training, healthcare services and devices, and restaurants. Blackstreet invests up to $15 million of equity capital in businesses valued up to $75 million. Blackstreet's average holding period is three to five years. Blackstreet Capital(formerly Milestone Capital Management was founded in 2003 and is based in Bethesda, Maryland.


Deal Context for Seller #
Overall 6 of 26
Sector: Building Materials 1 of 2
Type: Add-on Acquisition 1 of 10
State: Kentucky 1 of 1
Country: United States 1 of 10
Year: 2006 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-19 Interfloor Group

Rossendale, United Kingdom

Interfloor Group Ltd. is a manufactures and suppliers of underlay, flooring accessories and specialised rubber products.

Buy £84M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-10 American Combustion Industries

Brentwood, Maryland, United States

American Combustion Industries, Inc. is a full-service mechanical contractor serving industrial, commercial, and institutional customers. ACI provides a wide variety of building services to its clients including facility assessment, mechanical, electrical, plumbing, and maintenance services.

Buy -