Quartz worktop manufacturer Caesarstone has acquired majority shares in Lioli Ceramica for $12million, marking a move into the global porcelain category.

Forming part of its global distribution network is a distribution centre serving the North of the UK

Lioli Ceramica is an India-based producer of porcelain countertop sinks and has an annual revenue of $18million.

Caesarstone has set a mission to become the brand of choice in worktops through an expansion of its product portfolio into new materials.

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According to the company, porcelain represents one of the fastest-growing categories in the global worktop market.

The company believes through the acquisition, it can leverage the strength of the Caesarstone brand, global distribution network and designs.

Chief executive of Caesarstone Yuval Dagim commented: “This acquisition is a major step in our efforts to advance our global growth acceleration plan and to realise our goal of becoming a leading, premium, multi-material player in the global countertop industry.

“The acquisition will enable us to have a significant presence in the global porcelain category, one of the fastest-growing categories in the countertop market alongside our reputable quartz portfolio.

“Lioli’s state-of-the-art porcelain operations combined with Caesarstone’s highly valued brand and established global network will strengthen our unique value proposition and our ability to accelerate a multi-material growth strategy.

“In this way we can enhance the experience of our consumers and business partners, while realising our mission to be the first brand of choice for countertops around the world.”

The transaction of $12million in cash to invest majority shares, represents an enterprise value of $34million, including the assumption of debt and additional consideration of up to approximately $10million upon the achievement of certain milestones.

The transaction is expected to close in 2020, subject to conditions.