Deal Announcement 12/23: Industrial Products / Retail & Consumer

The Deal

The PwC M&A team is pleased to announce the successful sale of main assets and activities of Steuler Fliesengruppe AG (“Steuler Fliesengruppe”) to Panaria Group (“Panaria”) and Meta Wolf AG (“Meta Wolf”). 

Steuler Fliesengruppe is the largest manufacturer of tiles (residential ceramics) in Germany with an international sales team in Europe and the USA. However, the company filed for insolvency in self-administration in July 2023 due to extremely high energy prices and declining sales in the course of an ongoing crisis of the construction industry. Attorney at law Jan Groß (Ebner Stolz) was appointed as chief representative of Steuler Fliesengruppe. Attorney at law Dr. Christoph Morgen (Brinkmann & Partner) was appointed as custodian. Shortly after filing for the proceedings, a structured, international M&A process led by PwC was initiated.

On 27 September 2023 and after only 2.5 months Panaria and Meta Wolf signed the purchase agreements for their two separate offers. 

Panaria will acquire the plant in Leisnig as well as all brands and central functions (incl. the sales team) of Steuler Fliesengruppe. Panaria is one of the world's leading premium tile manufacturers with factories in Italy (headquarters), Portugal, the USA and India and a sales presence in over 130 countries. With Steuler Fliesengruppe, Panaria significantly adds to its sales activities in Germany. Emilio Mussini, Chairman of Panaria, expressed: “As a result of this strategic move, in conjunction with expanding distribution channels within the acquired group and the expected synergies with our other European Business Units, Panaria strengthens its prominent position in the German-speaking markets.”

Meta Wolf, a listed technology company with its origins in the building materials industry, is taking over the tile factory in Bremerhaven. Meta Wolf’s goal is to become the first producer of “green tiles”, i.e. implement climate-neutral production through the use of solar energy and hydrogen. “The plans in Bremerhaven to produce “the green tile” fit exactly with our future concept for the fishing port and secures jobs in the future”, Mayor and Chairman of the Supervisory Board of Fischereihafen-Betriebsgesellschaft mbH Melf Grantz said. 

Jan Groß added: “We are pleased that we were able to find strong investor solutions for the two production sites. This is anything but a given in the current market environment.” 

The transaction was closed on 28th December 2023.

PwC advised Steuler Fliesengruppe, Ebner Stolz and Brinkmann & Partner with its in-depth distressed M&A expertise. Steuler Fliesengruppe attracted significant interest both from strategic as well as financial investors in Europe. Despite the very ambitious timeline, PwC was able to keep a fierce competition between several interested investors until the signing of the transaction. Panaria and Meta Wolf finally convinced the sellers with the most attractive offers and strategic concepts. 

Steuler Fliesengruppe AG

Steuler Fliesengruppe AG ranks among the market leaders for the production and sale of high-quality ceramic wall and floor tiles in Germany. Leisnig and Bremerhaven operate as independent production sites for the manufacturing of “Made in Germany” tiles in different sizes marketed under well-known brands, e.g. NordCeram, Kerateam, GROHN and zwei|outdoor. Steuler Fliesengruppe has gained a top market position in Germany and supplies wholesalers, specialist retailers as well as DIY stores and is the largest area distributor in residential ceramics in Germany. In 2022, Steuler Fliesengruppe generated net revenues of over €136m.

Panaria Group

Panaria is a multinational Italian group, worldwide leader in the production and distribution of ceramic tiles for floors and walls. With more than 1,700 employees, 10,000 customers, 7 production facilities (3 in Italy, 3 in Portugal and 1 in the USA), and a turnover of 452 million € in 2022 Panaria is one of the main producers of flooring and wall covering ceramic tiles for the upper and luxury segment of the market. The Group is an international-scale reference point, counting on production facilities in Italy, Portugal, United States, India and an extensive sales network in over 130 countries all over the world.

Meta Wolf AG

Meta Wolf AG is an international company specialized in building and technology, founded by Tom Wolf. Headquartered in Germany and listed in Frankfurt Stock Exchange, Meta Wolf is committed to the digital transformation of building materials. Tom Wolf is a German tech entrepreneur, innovator, and investor. He built a successful multi-billion construction-tech company, RIB Software, with over 2,000 employees across 25 countries worldwide. RIB Software was acquired by Schneider Electric in 2021.

PwC

The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 364,000 employees in 151 countries (“global PwC-Network“). Our global network comprises over 3,700 deal professionals all over the world, realising approx. 700 successful transactions per year. Our Distressed M&A team led by Timo Klees (Partner) is market leading in Germany and has successfully advised on more than 70 transactions out of special situations and insolvency situations in recent years. Latest transactions include among others Compleo, Prophete, IBEO, Ludwig Pfeiffer, Lechner, scanplus, Nobiskrug, Aluminium Rheinfelden, Poggenpohl, Dradura, Fintyre, Thomas Cook and Vapiano.

The M&A team consisted of Timo Klees (Partner), Fabian Dalka (Director), Julia Jaumann (Senior Manager) and Leonard Best (Associate).