Caesarstone Completes Lioli Deal

MP MENASHE, Israel — Caesarstone is now the prime owner of porcelain-slab manufacturer Lioli Ceramica.

Caesarstone completed its majority-stake acquisition of India-based Lioli on Oct. 13, following the completion of customary closing conditions.

“We are extremely pleased to announce the completion of this investment,” said Yuval Dagim, Caesarstone CEO. “We have gained immediate access to the fast-growing global porcelain countertop category, with Lioli’s premium products combined with our strong brand and global network poised to accelerate our multi-material growth strategy.”

Caesarstone revealed the acquisition in late August.

The deal is for approximately $12 million cash and assumption of Lioli’s debt. The purchase, which includes Lioli’s automated slab-production plant in Morbi, India, represents a total enterprise value of $34 million.

Lioliopened its Morbi factory in 2018 with an investment of €30 million for a one-million-square-meter plant using Italian technology with a stated production of 13,000 m² (107,639 ft²) per day.

Under the TechnoSLAB brand name, Lioli exported products to the Mideast, as well as Brazil and Mexico, with approximately $18 million in annual revenue.

“We welcome the Lioli team to our Company and look forward to realizing our mission under our global growth acceleration plan to be the first brand of choice for countertops around the world,” Dagim added.

Caesarstone trades on the NASDAQ under the CSTE symbol.

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