Panariagroup expands in Portugal with the acquisition of Gresart
Panariagroup has announced the complete acquisition of Gresart, a company founded in 1981 and located in the industrial district of Aveiro. The acquisition took place through the Portuguese Business Unit Gres Panaria Portugal, which is already present in the area with two production sites in Aveiro and Ilhavo.
This operation further expands Panariagroup’s production capacity and commercial and distribution presence in Portugal and strengthens Gres Panaria Portugal’s position as the leading ceramic tile producer in the Portuguese market. This latest acquisition follows that of Maronagres (now Margres) in 2002 and Novagres (now Love Tiles) in 2005 and means that the group now has a consolidated annual revenue of €110 million and a total production capacity of approximately 10 million square metres of ceramic tiles. The acquisition expands the group’s geographical presence and enables it to enter other market segments that are strategic to its competitive growth.
The operation was headed by Marco Mussini, Chairman of Gres Panaria Portugal, who commented: “Portugal has a long ceramic tradition that is unique anywhere in Europe in terms of its history and culture. I’m very proud of this important step forward, which enables us to further expand and integrate our value proposition as a ceramic market leader in Portugal. We have been operating in the Aveiro district for more than 20 years and I believe that Gresart will bring significant added value to our group. With this operation we are aiming not only to strengthen our commercial presence in the area, but also to develop new capabilities and industrial expertise in order to continue innovating our high-quality ceramic surfaces.”
Emilio Mussini, Chairman of Panariagroup, commented: “Panariagroup is an international Group in which the Portuguese Business Unit enjoys particularly positive growth prospects due to increasing market demand and high competitiveness in terms of productivity. Independently of the group’s composition, export sales account for 80% of our revenue, and having an extensive presence has proved to be a successful strategy for dealing with the market crisis that has gripped Europe in recent years. With the acquisition of Gresart, Panariagroup reaffirms its intention to invest significantly in growing its coverage and presence in Portugal in the future.”
In line with the declared objectives following the group’s stock market delisting in 2021, it has continued to focus strongly on internationalisation. With consolidated revenue of more than €450 million, a figure that is set to grow following the acquisition of Gresart, Panariagroup has announced another important move aimed at strengthening its global presence. The Group’s upcoming participation in the North American tile and stone exhibition Coverings 2023 will provide an opportunity to introduce the new CEO of Panariagroup USA, Leonardo Pesce. With more than 20 years of experience working for US ceramic companies and a proven track record in developing and launching business expansion strategies that have delivered successful results in a variety of challenging market conditions, the appointment of Leonardo Pesce as head of the US Business Unit represents another important step forward for the company, which currently generates sales of more than $150 million in the USA.
May 2023
