Bahrain, January 29, 2015 - Investcorp, a leading provider and manager of alternative investment products, today announced that Fritta, S.L. ("Fritta"), a specialist producer of intermediates for the ceramic industry, will be purchased from financial investor Nazca Private Equity. The acquisition is subject to Spanish competition authorities clearance.

Established in 1973 in Onda, Spain, Fritta produces ceramic frits and glazes as well as ceramic colors and inkjet inks, all critical intermediate products in the manufacturing of ceramic tiles. The Company's global activities are supported by two frits manufacturing plants in Spain and Vietnam and two glaze mixing units in Italy and Mexico. Fritta employs around 300 people and its products are sold to approximately 200 customers worldwide. In 2014, Fritta is forecast to generate sales and EBITDA of around €100 million and €16 million, respectively. Over 50% of Fritta's sales are generated outside of Spain.

Fritta will be the second company to be owned by Investcorp in Spain following the acquisition of Grupo Esmalglass-Itaca in July 2012.

Mohammed Al Shroogi, President of Gulf Business, said: "Fritta is an efficient producer of ceramic frits and glazes with a valuable business proposition and a consistent go-to-market strategy. It also leverages its expanding inkjet ink business, which allows the company to cross-sell from its traditional frits and glazes product offering. We are partnering with a highly competent and dynamic management team who has been able to more than double the size of the business over the last five years. Fritta and Esmalglass-Itaca successfully target different segments of the market by offering distinct approaches to product quality, design and technical assistance. Given this, the two businesses will continue to be run autonomously."

Carlos Carbó, CEO of Nazca Capital, said: "Fritta represents our first exit in Nazca Fund III with excellent returns to our investors. Since our entry in December 2013, Fritta has experienced double-digit growth as a result of international expansion and successful development of the inkjet ink strategy. We are delighted with the outcome of this transaction, which represents a significant step for the development of the Company."

Pascual Parra, CEO of Fritta, said: "The support from Nazca has allowed the Company to become one of the reference players in the industry. We see a significant international expansion opportunity at Fritta and view Investcorp as ideally suited to back and support our growth aspirations. Investcorp has a three-decade track record of assisting its portfolio companies in reaching their full potential. Besides access to capital to support our business plan, this transaction provides us with an experienced partner who has already invested in a similar company and thus knows our sector very well."

-Ends-

About Investcorp
Investcorp is a leading provider and manager of alternative investment products and is publicly traded on the Bahrain Bourse (INVCORP). The Investcorp Group has offices in the Kingdom of Bahrain, New York, London, the Kingdom of Saudi Arabia and Abu Dhabi. Investcorp has three business areas: corporate investment in the US, Europe and the Gulf, real estate investment in the US and global hedge funds.

About Nazca
Nazca Capital is a Spanish private equity firm with focus on mid-market segment. Nazca leads its market segment, both by number of deals and by profitability. Since 2001 Nazca has completed 43 transactions and has invested around €300 million in equity. At present, NAZCA manages its third fund Fondo Nazca III, a €200 million fund with leading international institutional investors.

www.nazca.es

Media Contacts:  
Investcorp
Firas El Amine
+973 39987838
felamine@investcorp.com

FTI Consulting
Emily Desmier
+44 (0)20 3727 1233
emily.desmier@investcorp.com

© Press Release 2015