The Engineered Stone Group Announces the Acquisition of Fiora and Nuovvo

Fiora and Nuovvo Join ES Group's Portfolio of Leading Companies in the Engineered Stone Bathroom Products Segment

EDINBURGH, Scotland, LA RIOJA, Spain and REDOVÁN, Spain, Sept. 13, 2021 /PRNewswire/ -- The Engineered Stone Group (the "ES Group") today announced that it has acquired Fiora and Nuovvo, two of Europe's leading manufacturers of bathroom products. Financial terms of the transactions were not disclosed.

The Engineered Stone Group is a leading material specialist focused on the production of engineered stone bathroom products, including shower trays, basins, bathtubs and panels. The ES Group provides a broad offering of brands and high-quality products, coupled with a commitment to outstanding customer service and the scale to invest in continued product innovation. The ES Group is comprised of Marmite, Acquabella, F&D Group, Mcbath, and now, Fiora and Nuovvo. The ES Group was established by The Cranemere Group, a holding company focused on building high-quality businesses over the long term.

Established 35 years ago, Fiora has been a pioneer and leading brand in the premium engineered stone bathroom products segment. Serving retail customers in more than 30 countries through its extensive commercial network, Fiora offers premium quality shower trays, basins, countertops and bathroom furniture. With approximately 140 employees, Fiora operates out of its headquarters in La Rioja, with four warehouses across Europe to ensure rapid and consistent delivery to its customers in its core markets.

Located in Redován, Spain, Nuovvo is a fast-growing manufacturer of branded and private label engineered stone shower trays, panels and countertops. Founded in 2011, Nuovvo offers customers a compelling combination of quality, value and speed, combined with a commitment to innovation and design. Nuovvo today employs more than 120 people, and in 2020, completed the development of one of the largest modern facilities in the sector with significant capacity for expansion.

"The acquisitions of Fiora and Nuovvo are important milestones for the ES Group and bring new technology, enhanced geographic reach and high-quality production capacity that will meaningfully enhance our Group," said Brian McCluskie, CEO of the ES Group. "We are confident that the additions of Fiora and Nuovvo to our Group will greatly benefit all our customers, and will ultimately allow us to provide an even more differentiated set of high-quality products and services. I look forward to working closely with Fernando Soriano, Daniel Morata Lopez and their teams."

"At Fiora, we pride ourselves on our longstanding reputation for premium quality shower trays and bathroom products," said Fernando Soriano, CEO at Fiora. "We are eager to enter into the next stage of growth in partnership with the ES Group, and look forward to capitalizing on our complementary capabilities and shared commitment to unmatched customer service."

"Today's announcement is a testament to the last 10 years of commitment to innovation, design and building strong relationships with our customers," said Daniel Morata Lopez, founder and CEO of Nuovvo. "We are excited to join forces with the ES Group to scale our business and capitalize on the growing demand for engineered stone products worldwide".

Both Fiora and Nuovvo and their respective brands will continue to operate independently. Both companies will continue to be led by their existing management teams and operate from their respective headquarters.

"The additions of Fiora and Nuovvo further establish the ES Group as a leading material specialist in the bathroom products segment," said Christopher Mahan, Chairman of the ES Group. "As customers continue to recognize the advantages of engineered stone materials versus the traditional alternatives of acrylic and porcelain, the ES Group has assembled the breadth of brands, products and capabilities to lead this conversion over the long-term."

The ES Group was advised by Houlihan Lokey, Milbank and Hogan Lovells.

About The Engineered Stone Group
The Engineered Stone Group is a European holding company established by The Cranemere Group to be a leading material specialist in engineered stone products. The ES Group is comprised of a group of leading branded and private label manufacturers of engineered stone bathroom products, including shower trays, basins, bathtubs and panels. The ES Group includes Marmite, Acquabella, F&D Group, Mcbath, Nuovvo and Fiora.

About Fiora
Headquartered in Nájera (La Rioja, Spain), Fiora is a leading European manufacturer of premium engineered stone shower trays. The company also produces bathroom furniture, basins and accessories. Fiora was established in the 1980s and pioneered the development of engineered stone material in the bathroom. The company was owned by its four founding partners until it's acquisition by H.I.G. Capital and the Royo Group in 2018.

About Nuovvo
Family owned since its inception in 2011, Nuovvo is a rapidly growing Spanish supplier of engineered stone bathroom products that specializes in shower trays, panels, countertops and bathroom furniture. The Redován based company is committed to design and product innovation, and operates from one of the largest modern facilities in the sector.

About The Cranemere Group
The Cranemere Group is a holding company focused on partnering with industry-leading operating teams in essential industries to build high-quality businesses. As a pioneer in professionally managed long-term capital, The Cranemere Group provides experience, expertise and global networks to support the growth of its companies and to create value for all its stakeholders. The Cranemere Group is headquartered in London and has offices in New York and Washington, D.C.

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