The Cranemere Group, a holding company that partners with businesses for the long term, has formed The Engineered Stone Group to establish a leader in engineered stone bathroom products. This Group has acquired Acquabella, a leading European branded supplier of engineered stone shower trays and wall panels.
Acquabella will operate under The Engineered Stone Group holding structure alongside Marmite, a leading producer of washbasins, shower trays and bathtubs, which The Cranemere Group previously acquired in 2016. Financial terms of the transaction were not disclosed.
Acquabella and Marmite will continue to operate independently, while benefiting from the advantages the shared platform will provide. Brian McCluskie will continue as the Chief Executive Officer of both The Engineered Stone Group and Marmite. Acquabella Chief Executive Officer Juan José Benavent and the management teams of Acquabella and Marmite will remain in their roles.
“The combined Group is a leader in both branded and private label products, with a comprehensive offering of shower trays, basins, bathtubs and wall panels, and serves all the major distribution channels across Europe,” said McCluskie. “The Cranemere Group’s long term horizon and resources will allow The Group to continue to invest in enhancing our capabilities to meet customers’ needs, and build a global leader as engineered stone becomes an increasingly important material for high quality bathroom fixtures.”
“We are excited to join forces with Marmite as part of The Engineered Stone Group, and are confident that this partnership will benefit all of Acquabella’s stakeholders,” said Benavent. “We are well positioned for sustained growth and continue to be focused on meeting the needs of customers and retailers. The expanded product line and enhanced scale of the group provides additional resources and capabilities without changing what makes Acquabella unique.”
“The superior quality of engineered stone is driving a material replacement cycle. As this cycle develops, this Group is uniquely positioned to meet the needs of customers across Europe and the US,” said Christopher Mahan, Chairman of the Engineered Stone Group. “Under Brian’s leadership of the Group, and together with Juan José and the management teams of both companies, we see potential for many years to come.”
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.