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INVERSIONES VALENCIA CAPITAL RIESGO SELLS STAKE IN THE SIZE TO ESTEVE BROTHERS.
Banco de Valencia, through its VC/PE subsidiary Inversiones Valencia Capital Riesgo, has sold its stake in the porcelain manufacturer, The Size Sintered Ceramics to brothers Jesús and José Luis Esteve, to acquire 100% of the company. Another minority partner also sold its stake.
In parallel, a capital reduction has been approved by just over €500,000 and a further capital expansion of €14 million provided by Esteve family. With this injection, the current capital stands at €25.29 million and thereby strengthens the financial structure of the company, with sales so far not very significant.
The Size, based in Almassora (Castellón), started its activity in late 2009. During the first two years, focuses its R&D in developing and refining its product NEOLITH, first plate of porcelain in the world for its size, thickness and excellent mechanical properties. Company with a clear export orientation, focuses its objectives on continuous product improvement and customer service. The company currently employs 40 workers and aims to reach significant sales’ figures since next year.
In the beginning, Inversiones Valencia Capital Riesgo held 45% of the startup, which formed along with the Galician company Dolmen Granit, and later joined the Esteve brothers, Levantina owners, the largest marble producer from Alicante. In 2006, the private equity firms Impala and Charterhouse entered the capital of Levantina, but the slumping of real state and construction markets pushed the company to bankruptcy and to a deep restructuring (see news).
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