Livingstone advises the sale of THU Ceiling Solutions to the Kingspan Group

The Building Materials team of Livingstone Partners has acted as the sole financial advisor to the shareholders of THU Ceiling Solutions (THU), in the sale of the main manufacturer of modular roofs in Spain to the Kingspan Group, an Irish listed company.

Zriser – the Family Office of Ana and Pablo Serratosa – was the majority owner of THU, a stake it had acquired in 2015. During his tenure, THU quadrupled its revenue, reaching more than €44 million in sales in 2021.

Through this acquisition, Kingspan, a group with sales of €6.5 billion and 15,000 employees, is joining a new space in the building materials sector, offering THU’s management and employees an exciting future with the opportunity to create a major European business.

Gabriel Garcia, Managing Director of THU, commented: “Becoming part of a multinational group like Kingspan will act as a powerful boost for THU’s international growth prospects. We are very excited to be part of this new great family. Having Livingstone’s support and professionalism has been key to closing the deal.”

Ximo Villarroya, Partner at Livingstone Spain, added: “We have been close to THU since advising Zriser on the acquisition of its majority stake back in 2015 and we are delighted to have been able to help Ana and Pablo Serratosa, as well as minority shareholders, close an excellent transaction that secures a great future for THU. It has been a pleasure to work with the Zriser team and the management of THU and we wish Gabriel García, Onofre Sanz and all THU employees every success in this new stage of the business.”

The agreement represents one more credential for Livingstone’s Industrial team in the building materials sector, a niche in which it has extensive experience and success and adds to the numerous transactions livingstone has successfully completed for professional financial investors.