Economics by Tile International
Italcer acquires Florence-based company Devon&Devon
Italcer, holding company created by the Italian private equity Mandarin Capital Partners and led by Graziano Verdi, signed an agreement to acquire the 100% of the Florence-based company Devon&Devon, a world leader in high-end bathroom furnishings, owned by Gianni Tanini. Thanks to this operation - which follows the previous acquisitions of LaFabbrica, in May, and Elios Ceramica, in August - it is estimated that the company's turnover can pass from over 75 million to 100 million.
Devon&Devon exports to over 80 countries with a network of boutiques, retailers and flagship stores located in some of the world's most prestigious capitals of Europe, USA, Russia, Middle East, China and Australia.
“The business plan announced a few months ago - the AD, Graziano Verdi, commented - is actually operating day by day, also through the worthy acquisitions carried on by the Group. With the purchase of the Florence company, Italcer stresses its attention on Italian creativity and luxury: Devon&Devon is one of the most prestigious brands in this country”.
By the end of 2018, Italcer aims at a greater expansion of its brands’ portfolio, landing in the US with a 4.0 industry and realizing other significant acquisitions.