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
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.