Italian Sanitaryware Brand Clerici Acquires 100% Share of competitor Prato Nobili
Italian plumbing and bathroom furniture group Clerici announced the acquisition of a 100% share of competitor Prato Nobili.
The Clerici Group is the second largest Italian plumbing and bathroom company in the industry, after Cambielli Edil Friuli (with a market share of 10%).
According to the data of the Italian financial media “Affari & Finanza”, the Clerici Group’s revenue in 2019 was EUR 380 million, an increase from the EUR 279 million in 2018, mainly due to the Group’s mergers and acquisitions and retail network expansion policies. Prato Nobili recorded a revenue of EUR 27 million in the last fiscal year, a profit margin of 3% before interest, taxes, depreciation and amortization. Most of its business is concentrated in the Ligurian region where the company is located.
Both companies are family owned and focus on the distribution of bathroom and household products (water heaters, air conditioners, sanitary ware and showers cabinets). The total value of the industry in Italy amounts to EUR 7 billion, of which sales in the bathroom furniture category exceed EUR 2.7 billion. Exports in 2019 accounted for 47% of total sales.
Federlegno Arredo (Italian Federation of Wood and Furniture Industries) pointed out that there are 1.6 million new and renovated bathrooms in Italy every year. In addition, more than 9,000 new and renovated bathrooms have been installed in major hotels over the past 18 months.
The Clerici Group’s portfolio includes companies such as Afis, Idras and Unicom. After this acquisition, its total number of stores exceeded 70.