{"id":8262,"date":"2014-12-29T00:00:00","date_gmt":"2014-12-29T04:00:00","guid":{"rendered":"https:\/\/livingstagenew.wpenginepowered.com\/transaction\/livingstone-advises-tensile-capital-management-on-the-acquisition-of-keraben\/"},"modified":"2026-06-25T13:09:31","modified_gmt":"2026-06-25T17:09:31","slug":"livingstone-advises-tensile-capital-management-on-the-acquisition-of-keraben","status":"publish","type":"transaction","link":"https:\/\/livingstonepartners.com\/en\/transaction\/livingstone-advises-tensile-capital-management-on-the-acquisition-of-keraben\/","title":{"rendered":"Livingstone advises Tensile Capital Management on the acquisition of Keraben"},"content":{"rendered":"\n

Livingstone\u2019s Industrial sector team is pleased to announce the acquisition of <\/strong>Keraben Grupo, S.A.<\/strong><\/a> by US-based investor <\/strong>Tensile Capital Management <\/strong><\/a>LLC. Livingstone acted as exclusive financial adviser in a complex debt restructuring, capital injection and acquisition.<\/strong><\/p>

Headquartered in Nules, Spain, and owned by the Benavent family, Keraben specialises in the design, manufacture and distribution of ceramic tiles for domestic use. With a production capacity of between 9.0 and 9.5 million square meters per year, Keraben is one of the major international players in the production of high quality ceramics in a market where Spain is represented in the top five countries globally. In 2013, Keraben registered a consolidated turnover of \u20ac100 million.<\/p>

Based in San Francisco, California, Tensile is an investment fund focused on making long-term investments in private and public companies. Tensile invests in high quality businesses assisting strong management teams with their strategic growth plans, offering stability through a partnership horizon of up to ten years. Tensile currently manages a portfolio of assets worth approximately $600 million.<\/p>

Tensile has deep experience in the building products industry, and its support will allow Keraben to substantially accelerate its organic growth, penetrate new markets and pursue strategic acquisitions. The existing management team, led by Jos\u00e9 Luis Lanuza, will remain with the business.<\/p>

Doug Dossey, Managing Partner of Tensile<\/strong>, said: \u201cHaving worked with Livingstone before, we did not hesitate to retain them for this challenging transaction. With our headquarters in San Francisco, we knew that Tensile would need a strong, local partner on the ground in Spain to serve as an extension of our team. In the end, however, we got much more, as Livingstone truly integrated itself with our team and also with the Keraben management team in order to assist all parties in moving the transaction forward to a successful conclusion. We\u2019re very thankful for their efforts through the ten month process and look forward to working with Neil and Eva again.\u201d<\/em><\/p>

Jos\u00e9 Luis Lanuza, CEO of Keraben<\/strong> commented: \u201cWe are delighted to have completed this transaction. We enjoyed working with the Livingstone team. They were positive and constructive during the process, generating solutions to overcome the challenges. Their experience was helpful and relevant throughout.\u201d<\/em><\/p>

\u201cI think this is the most complicated transaction I have ever completed.\u201d<\/em> <\/strong>said Neil Collen, Partner at Livingstone Madrid.<\/strong> He added: \u201cThe process included debt acquisition, new financing by nearly all the existing banking institutions in Spain, various debt instruments and structures, and financial investment by an international investment group. Notwithstanding the above, it was a real pleasure working with premier players in an intense yet very exciting and positive process. Tensile, the Benavent family, the Keraben management team and the thirteen banks showed flexibility, commitment and creativity.\u201d<\/em><\/p>

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