Page 11 - Demo

Slippery rOck Gazette
Caesarstone Acquires Stake
in Porcelain Maker Lioli
Lioli’s porcelain line will complement Caesarstone’s engineered quartz surface products.
Israeli engineered quartz surface coun- tertop company Caesarstone Ltd. (NASDAQ: CSTE) has announced that it has entered into a definitive agree- ment to acquire a majority stake in Lioli Ceramica Pvt. Ltd., an India-based pro- ducer of cutting-edge porcelain counter- top slabs. Lioli has annual revenue of $18 million.
Under the terms of the deal, Caesarstone will pay $12 million cash for a majority stake in Lioli, representing an enterprise value of $34 million, including the as- sumption of debt and additional consid- eration of up to $10 million upon the achievement of certain milestones. The transaction is expected to close in 2020, subject to customary closing conditions, and is expected to have a favorable im- pact to earnings beyond 2020.
Porcelain represents one of the fastest growing categories in the global coun- tertop market and directly complements Caesarstone’s established presence in engineered quartz surfaces. The acquisi- tion provides an attractive entry point for Caesarstone to leverage its strong brand, design capabilities, sales force and global distribution network to enhance customer engagement around the world with a multi-material offering of premium coun- tertops. Located in the center of India’s porcelain hub, Lioli’s high-quality, low- cost, vertically-integrated operation will supply porcelain countertop offerings to Caesarstone, which will be marketed in all regions alongside quartz under one leading global Caesarstone brand.
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