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Mohawk Industries, Inc.
MHK today announced that the Company has entered into a definitive agreement
to acquire the Marazzi Group, which will make Mohawk the worldwide leader in
ceramic tile.
The Marazzi Group is a leading manufacturer and marketer of ceramic tile in
all its major geographies, including Russia, the United States, Italy, France
and Spain. Marazzi's 2011 revenues were about €833 million, or $1.16 billion,
with EBITDA of approximately 15.5% under historical IFRS accounting. Marazzi
is held by the Marazzi family and two private equity funds—Permira and Private
Equity Partners.
Mohawk is acquiring Marazzi for €1.17 billion, or approximately $1.5 billion,
with a combination of cash and equity. Marazzi's estimated 2012 EBITDA of €145
million represents a purchase multiple of about eight times. We expect to
complete the transaction during the first quarter of 2013 pending customary
closing conditions and regulatory approvals. Mohawk anticipates that the
transaction will be accretive in 2013.
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