Clearwater has provided corporate finance and debt advisory advice on the management buy-out of SONAS Bathrooms; Ireland’s leading supplier of bathroom products, as it embarks on the next phase of its growth strategy.
The MBO was supported by a combination of debt and equity from Muzinich & Co. (Muzinich). In addition, Muzinich provided a significant line of growth capital that can be used for both organic and acquisition led growth. Specific terms of the agreement are not being disclosed.
SONAS is the largest single supplier of bathroom products in Ireland, which has developed a model of asset light manufacturing of bathroom products distributed under its own brand. The company, which employs almost 90 full time staff has maintained its impressive growth trajectory with current year trading on target to reach €45m sales.
Muzinich is a privately owned, institutionally focused investment firm specialising in public and private corporate credit. The firm was founded in New York in 1988 and also has offices in Dublin, London, Frankfurt, Madrid, Manchester, Milan, Paris, Singapore, Sydney, Hong Kong, and Zurich. Muzinich offers a broad range of corporate credit funds across both developed and emerging markets.
This is the second transaction Clearwater has worked on involving SONAS Bathrooms, having previously advised the company in December 2017 on its investment from MML Growth Capital.
