Caesarstone Acquires Omicron
January 06 2021 - 7:00AM
Business Wire
– Premier Stone Supplier Enhances
Go-to-Market Approach and Vertical Integration in Attractive U.S.
Markets –
Caesarstone Ltd. (NASDAQ: CSTE), a leading developer and
manufacturer of high-quality engineered surfaces, today announced
it has acquired Omicron Granite and Tile (“Omicron”), a premier
stone supplier operating 17 locations across Florida, Ohio,
Louisiana, Michigan and Alabama. Omicron enhances Caesarstone’s
existing network with strategically located distribution centers
throughout advantageous U.S. markets.
Yuval Dagim, Chief Executive Officer commented, “We view
accretive M&A as a valuable resource to accelerate our global
growth. Omicron represents our second acquisition in the last
several months, and is directly aligned with our strategic pillar
of global footprint expansion, to provide better service to our
customers while improving our logistical efficiency. As we
integrate Omicron, we expect to further leverage Caesarstone’s
existing sales force and world renowned brand to enhance our
customer reach and capture additional market share in several
attractive U.S. regions.”
Under the terms of the transaction, Caesarstone acquired Omicron
for an enterprise value of approximately $27 million, including
approximately $6 million of net debt. On a pro forma basis, Omicron
was profitable and would have contributed over $50 million in
revenue to the Company’s 2020 results.
About Caesarstone
Caesarstone is a concept and lifestyle-driven company with a
customer-centered approach to designing, developing, and producing
high-end engineered stone countertops, used in residential and
commercial buildings. Our products offer superior aesthetic appeal
and perfected functionality through a distinct variety of colors,
styles, textures, and finishes used in diverse countertop
applications, marked by inherent longevity. Strong commitment to
service has fostered growing customer loyalty in over 50 countries
where the Caesarstone product collections are available: Classico,
Supernatural, Metropolitan and Outdoor. For more information please
visit our website: www.caesarstone.com.
About Omicron
Based in Pompano Beach, Florida, Omicron Granite & is a
market leading supplier of quartz and stone surfaces and owns and
operates 17 showrooms and indoor warehouses in Miami, Pompano
Beach, West Palm Beach, Orlando, Fort Myers, Naples, Tampa,
Sarasota, Melbourne, Jacksonville, and Panama City Beach in
Florida, Mobile in Alabama, New Orleans in Louisiana, Cincinnati,
Cleveland, and Columbus in Ohio, and its newest location in
Detroit, Michigan.
Forward-Looking Statements
Information provided in this press release may contain
statements relating to current expectations, estimates, forecasts
and projections about future events that are "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements relate to the
Company's plans, objectives and expectations for future operations,
including estimations relating to the impact of the COVID-19
pandemic and mitigation measures in connection thereto,
expectations of the results of the Company’s business optimization
initiative and its projected results of operations. These
forward-looking statements are based upon management's current
estimates and projections of future results or trends. Actual
results may differ materially from those projected as a result of
certain risks and uncertainties, both known or unknown. These
factors include, but are not limited to: the impact of the COVID-19
pandemic on end-consumers, the global economy and the Company’s
business and results of operations; the ability of the company to
realign aspects of its business based on the business optimization
initiative, the strength of the home renovation and construction
sectors; intense competitive pressures; the outcome of silicosis
and other bodily injury claims; regulatory requirements relating to
hazards associated with exposure to silica dust; manufacturing of
existing products and managing required changes in production and
supply chain; economic conditions within any of our key existing
markets changes in raw material prices; fluctuations in currency
exchange rates; the success of our expansion efforts in the United
States; unpredictability of seasonal fluctuations in revenues;
disturbances to the Company’s operations or the operations of its
suppliers, distributors, customers or other third parties and other
factors discussed under the heading "Risk Factors" in our most
recent annual report on Form 20-F and other documents filed with
the Securities and Exchange Commission. These forward-looking
statements are made only as of the date hereof, and the Company
undertakes no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events
or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210106005426/en/
Investor Relations Contact: ICR, Inc. - Rodny Nacier
CSTE@icrinc.com +1 (646) 277-1237
Caesarstone (NASDAQ:CSTE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Caesarstone (NASDAQ:CSTE)
Historical Stock Chart
From Apr 2023 to Apr 2024