Investor Presentaiton
October 12, 2021
LAMOSA: A DISCIPLINED M&A STRATEGY
LAMOSA'S CERAMIC TILES M&A
GBM
Porcelanite - Mexico. In 2007, LAMOSA (#4 in Mexico) bought
Porcelanite (#1 in Mexico), a player 5x its size, in a very
aggressive but calculated move by management that resulted
in a transformational milestone for the company.
LAMOSA's footprint gave the company a significant edge
in economies of scale, allowing it to get better supplier
contracts than its peers. With such a large scale, the company
reorganized its production across plants, focusing each one on
a certain design or format, which resulted in longer production
runs and, in turn, greater efficiencies and productivity.
Ceramica San Lorenzo (CSL) South America. In 2016,
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LAMOSA bought CSL to expand into Colombia, Peru, Chile, and
Argentina. This move consolidated the company's position in
the Americas.
Five years later, management has doubled CSL's margins on
account of economies of scale, rationalization of capacity, and
improved logistics (exports) across the region. At the time of
the acquisition, LAMOSA already exported to South America
and by getting those assets, it redirected its capacity in Mexico
to domestic demand and other markets while increasing CSL's
utilization capacity at the same time.
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Eurocerámica Colombia. In 2020, LAMOSA acquired
Eurocerámica to strengthen its position in Colombia. This
acquisition was seamlessly integrated with CSL's assets and
turned LAMOSA into Colombia's second-largest ceramic tiles
producer, only behind Corona.
Grupo Roca - America/Europe. In 2021, LAMOSA announced
the acquisition of Grupo Roca's ceramic tiles business, with
plants in Brazil and Spain, and a strong business in the United
States. Synergies should arise from economies of scale and
improved logistics, as well as the integration of best practices
and technologies.
Hard currency revenues. With the addition of these assets,
LAMOSA will now sell -13% of its total revenues in USD and
EUR.
20 plants
130M m²
130M m²
20 plants
130M m²
187M m²
2 plants
23M m²
3 plants
23M m²
20 plants
130M m²
2 plants
23M m²
3 plants
23M m²
2 plants
2 plants
11M m²
11M m²
225M m²
1 plant
35M m²
3 plant
LAMOSA/CERAMIC: THE ROAD TO GROWTH IS PAVED WITH TILES. | 25View entire presentation