Carlyle’s Acquisition of Altadia Group

Latham & Watkins advised Carlyle on the deal.

Carlyle announced its agreement to acquire Altadia Group (Altadia) from an affiliate of Lone Star Funds, partnering with current management, led by Vincente Bagan and Antonio Blasco, the original founders of Itaca. 

Carlyle will support Altadia in accelerating its growth plan through the development of its leading R&D platform, and through strategic acquisitions to expand its presence further in international markets. The transaction is subject to customary regulatory approvals and is expected to close in H1 2022.

Headquartered in Castellon, Spain, Altadia is the largest global manufacturer of intermediate products for the production of ceramic tiles, it was formed in 2021 as a result of the transformational merger between Esmalglass-Itaca and Ferro Tile Coatings. Altadia employs more than 3,600 people across 19 countries, with a global manufacturing footprint consisting of 32 production plants and 19 distribution centres.

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. 

Lone Star, founded by John Grayken, is a leading private equity firm advising funds that invest globally in real estate, equity, credit and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized 21 private equity funds with aggregate capital commitments totaling approximately $85 billion. 

The Latham team was led by Madrid corporate partner Ignacio Pallarés (Picture) and London corporate partner David Walker, with associates Alex McCarney, Carmen Esteban, Amber Tope, and Marta Portuondo. Advice on finance matters was provided by London partner Charles Armstrong and Madrid partner Fernando Colomina, with associates John Hutton, Catriona Severns, and Aitor Errasti; advice on tax matters was provided by Madrid partner Jordi Dominguez and London partner Sean Finn, with associates Juan Rodriguez and Lina Le Roux.

Involved fees earner: Lina Le Roux – Clifford Chance; Charles Armstrong – Latham & Watkins; Fernando Colomina – Latham & Watkins; Jordi Dominguez – Latham & Watkins; Aitor Errasti – Latham & Watkins; Carmen Esteban – Latham & Watkins; Sean Finn – Latham & Watkins; John Hutton – Latham & Watkins; Alex McCarney – Latham & Watkins; Ignacio Pallares – Latham & Watkins; Marta Portuondo – Latham & Watkins; Juan Rodríguez – Latham & Watkins; Catriona Severns – Latham & Watkins; Amber Tope – Latham & Watkins; David Walker – Latham & Watkins;

Law Firms: Clifford Chance; Latham & Watkins;