Livingstone advises THU Ceiling Solutions on sale to Kingspan Group

Livingstone advised the shareholders of THU Ceiling Solutions (“THU”) on the sale of Spain’s leading modular ceiling manufacturer to Kingspan Group.

THU was majority-owned by Zriser, the family office of Ana and Pablo Serratosa, which acquired its stake in 2015, and had overseen a quadrupling of revenues during its tenancy, reaching over €44 million in sales in 2021.

Through this acquisition, Kingspan, a group with sales of €6.5BN ($7BN) and 15,000 employees, enters a new space in the buildings materials sector, offering THU management and employees an exciting future to create a significant European business.

Gabriel García, Managing Director at THU, commented, “Joining a multinational the likes of Kingspan is a powerful boost to THU’s international growth prospects. We are excited to join this new, big family. The support and professionalism Livingstone provided were key to closing the deal.”

Ximo Villarroya, partner at Livingstone, shared, “We are delighted to have advised Ana and Pablo Serratosa and the minority shareholders on an excellent transaction that ensures a wonderful future for THU. It was a pleasure to work with the Zriser team and THU management, and we wish Gabriel Garcia, Onofre Sanz, and all of the employees at THU the best of success in this new phase of the business.”