Spanish sintered stone manufacturer Neolith, controlled by Investindustrial and founder the Esteve family, has been sold to private equity platform CVC Capital Partners VIII.

Established in 2009, Neolith provides surfaces for a range of applications: from kitchens, bathrooms and furniture to building façades and is reportedly the first company in its sector to have achieved carbon neutrality in 2019.

Operating in more than 100 countries through direct and indirect distribution and a network of commercial partners, Neolith is implementing an expansion plan into North America, Europe, China and Australia.

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According to the company, its “strong” organic growth and profitability, alongside its market position were key factors in the acquisition.

CEO of Neolith Group Jose Luis Ramón said: “It is a privilege to welcome CVC into the great Neolith project and its arrival will no doubt represent a new turning point in the group’s history, accelerating our ambitious strategic objectives.

“Its extensive experience and global presence will be a great help to us in developing our enormous potential”.

He continued: “we are grateful for the confidence and constant support of Investindustrial and the Esteve Family in making Neolith a unique platform that has enabled us to consistently expand the business with a firm commitment based on innovation, branding, sustainability and a straightforward approach based on open collaboration”.

Javier de Jaime, managing Partner at CVC, commented on the acquisition: “We are thrilled to have materialized this investment in Neolith so we can continue leading this industry together and undertake the next stage of the investment, which will allow the company to continue accelerating its international expansion and multiply its growth behind the unique value proposition and position it enjoys in the market”.

He added: “We invest in companies with outstanding track records that are leaders in their respective industries.

“Neolith symbolises what we look for in any investment: a growing global market, a unique business model and a multi-disciplinary team that is highly skilled, motivated and international.

“Our vision is to multiply value in the long term and help the company to unleash its full potential, behind sustainable growth, by committing to technology, research and development of advanced materials, design and branding”.