Astorg sells Surfaces Group to TA Associates

Astorg is to sell Surfaces Group (Surfaces) to TA Associates. Headquartered in Cenate Sotto, Italy, Surfaces Group is the world leading supplier of abrasive tools and consumables used in the manufacturing process of high-end materials.

The Group’s products are used to smoothen, cut and polish high-end ceramic tiles, stone slabs, glass panes and metal objects. Surfaces’ primary industrial, commercial and R&D operations are spread across seven locations in Northern Italy. The company has also established subsidiaries in the United States, Spain, Portugal, Brazil, Turkey, Russia and India and employs more than 500 people globally.

Pierluigi Dinelli, CEO of Surfaces Group, says: “We would like to thank Astorg for their support over these past three years. The Astorg team has been an instrumental contributor to the organic growth, international expansion as well as the M&A strategy of the company. Under their stewardship we have done the right investments to consolidate Surfaces’ market leadership position and to continue to offer first class service and innovative technology to our customers. We welcome our new partner TA Associates, a leading growth investor, who shares our vision and ambition to continue our growth trajectory and with a long track-record of helping businesses expand into additional international and opportunistic markets.”

Lorenzo Zamboni, Partner at Astorg, says: “We are parting from a great company led by a great management team, and we are proud to have co-written a successful chapter of its history with them. We are sure that their passion, dedication and technical expertise will allow them to accomplish many more great things in the future, and we wish them all the best.”

Patrick Sader, Managing Director at TA Associates and Co-Head of TA Associates' EMEA Services Group, says: "Surfaces Group is a unique company with a high quality business model, a leading market position and what we believe are best-in-class products and customer services, with multiple potential levers of growth both organically and through acquisitions. We are thrilled to partner with Pierluigi and the management team to help the Company pursue its domestic and international expansion.”

The transaction is expected to close in the fourth quarter of 2020 and is subject to customary closing conditions and regulatory approvals. Surfaces’ shareholders were advised by Houlihan Lokey, Rothschild, BonelliErede and EY, while the Group’s management team was advised by Pavia e Ansaldo. TA Associates was advised by Latham & Watkins, KPMG and EY-Parthenon.