Panariagroup Industrie Ceramica S.P.A. , a publicly traded Italian Corporation, announced today that they have acquired the assets of Florida Tile Industries. Founded in 1974, Panariagroup is one of the world’s leading manufacturers of Ceramic Tile. In addition to this transaction Panariagroup has completed recent acquisitions in Italy and Europe.
Established in 1954, Florida Tile, headquartered in Lakeland, Florida, is one of the USA’s leading producers, marketers, and distributors of ceramic tile and tile accessories. Florida Tile operates tile manufacturing plants in Shannon Georgia and Lawrenceburg Kentucky. The company also operates a National Distribution Center in Lawrenceburg and 25 company owned branches across the United States. leading ceramic tile manufacturers Giuliano Mussini, Panariagroup’s Chairman, said “With this transaction we concluded a very important investment, not only in manufacturing but also in logistics and distribution, that otherwise would have required more financial effort and a longer time to be realized.”
Buck Burwell, Florida Tile CEO said “We’re thrilled to be a part of Panariagroup’s worldwide company. The Italians are the best in the world when it comes to tile. This transaction is very strong strategically and benefits all of Florida Tile’s constituents in a huge way.
Also, this deal instantly catapults Panariagroup into a leading role in the rapidly growing US tile industry. Florida Tile’s well accepted brand, marketing and distribution, infrastructure and strong distributor relationships, coupled with Panariagroup’s tile technology and manufacturing expertise will result in a much stronger presence in the USA for both companies.
“We are pleased to conclude the sale of Florida Tile,” said Murry N. Gunty, Managing Partner of Milestone Capital Partners, LP, the owner of Florida Tile. “As a result of the efforts of the management team, this concludes a very successful investment for our fund. We are confident that under Panariagroup’s ownership that Florida Tile will continue to thrive.”
Milestone Capital Partners, L.P. is a Washington, DC based private equity fund. Milestone purchases underperforming corporate orphans with a focus on manufacturing, distribution, restaurant and retail companies. For further contact at Milestone, contact Sonja Risner, 202 741 3663, or Srisner@milestonedc.com.