Nazca sells McBath to “The Engineered Stone Group”

Nazca sells McBath to “The Engineered Stone Group”

  • Founded in 2006, Moldcom Composites (“McBath”) is one the European leaders in the manufacturing and sale of stone resin shower trays, a high-growth market niche in the bathroom equipment sector.
  • Nazca acquired McBath together with the management team in February 2017 and, a after a successful project based on international growth, has become the first divestment of Fund Nazca IV.


Madrid, December 3rd, 2020.- NAZCA CAPITAL, a Spanish private equity firm focused on investing in the Spanish mid-market, has sold 100% of Moldcom Composites, S.L. (“McBath”) to The Engineered Stone Group (ESG).


McBath’s divestment has been completed after a successful execution of an international growth project and constitutes the first divestment of Fund Nazca IV (raised during the second half of 2016). With this divestment the Fund has obtained a return above two times the amount invested within a holding period below 4 years, confirming the Nazca’s ability to divest through all phases of the economic cycle.


McBath, founded in 2006 and located Ribarroja (Valencia), is one of the European leaders (80% of its revenues rely on international demand) in the manufacturing of stone resin shower trays, a high-growth market niche in the bathroom equipment sector.


The Company closed 2019 with sales of €25.5 million and an EBITDA above €5 million. Thanks to its wide geographical footprint and strong international positioning in its niche, McBath has been able to recover from COVID-19 and expects to close 2020 above previous’ year figures.


Since Nazca’s entry in February 2017, McBath has increased its sales by 50%, creating 60 new jobs based on a focused strategy  fostering international growth, the launch of new products in the shower tray and washbasin segments, and through capex strategy focused on increasing capacity and automatizing the manufacturing plant. This strategy has resulted in the consolidation of McBath’s leading position in the French market, the development of the Italian market under its own brand, and the opening of the Polish and North American markets with a strong growth potential.


Livingstone Partners, Latham & Watkins and Cuatrecasas have advised Nazca in this transaction.

About Nazca

Nazca is a Private Equity funds management company, specialized in the Spanish mid-market. Nazca leads its market segment, both by volume of deals and by profitability of its investments. Since 2001 Nazca has invested the entirety of Funds I, II and III with a respective size of €100, €150 and €230 million, having accomplished 71 transactions: 31 direct investments in companies, 19 additional acquisitions through participated companies and 21 divestments.

Nazca currently manages Nazca Fund IV with a total commitment of €275 million and Nazca Fund V of €150 million for investments in smaller SMEs, both funds sponsored largely by international institutional investors. Nazca’s portfolio is comprised by: FoodBox (retail food), Distribuciones Juan Luna (food processing), Caiba (PET packaging), McBath (cast marble shower trays), Phibo (dental implantology and prostheses), Herbex (fresh aromatic herbs), Terratest (geotechnical and tunneling solutions), Diater (biopharmaceutical), Cinelux (lighting equipment rental), One Shot Hotels (urban lifestyle hotels), IDP (engineering services based BIM), and Filmin (Video on demand platform – VOD). Nazca has divested from: Svenson, Rodilla, Dibaq, Unipost, Vinartis, Lizarrán, El Derecho, Guzmán, Acens, Hedonai, Elogos, Fritta, Autor, IMOncology, Logifrío, Agromillora, El Granero Integral, Eurekakids, Gestair, Ovelar Merchandising and McBath. For further information, please visit www.nazca.es