Latham & Watkins Advises Carlyle on Acquisition of Altadia Group

Cross-border team represents global investment firm in its acquisition of the largest global manufacturer of intermediate products for ceramic tile production.

December 20, 2021

Latham & Watkins is advising global investment firm Carlyle on its agreement to acquire Altadia Group (Altadia) from an affiliate of Lone Star Funds, partnering with current management, led by Vincente Bagan and Antonio Blasco, the original founders of Itaca.

Headquartered in Castellon, Spain, Altadia is the largest global manufacturer of intermediate products for the production of ceramic tiles, it was formed in 2021 as a result of the transformational merger between Esmalglass-Itaca and Ferro Tile Coatings. Altadia employs more than 3,600 people across 19 countries, with a global manufacturing footprint consisting of 32 production plants and 19 distribution centres. The transaction is subject to customary regulatory approvals and is expected to close in H1 2022.

The Latham team is led by Madrid corporate partner Ignacio Pallarés and London corporate partner David Walker, with associates Alex McCarney, Carmen Esteban, Amber Tope, and Marta Portuondo. Advice on finance matters was provided by London partner Charles Armstrong and Madrid partner Fernando Colomina, with associates John Hutton, Catriona Severns, and Aitor Errasti; advice on tax matters was provided by Madrid partner Jordi Dominguez and London partner Sean Finn, with associates Juan Rodriguez and Lina Le Roux.

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