The Engineered Stone Group Expands US Presence with Acquisitions of MTI Baths and Aquatica - Seite 2

"The acquisitions of MTI and Aquatica significantly expands our ability to serve North American customers with leading brands, capabilities and expertise. We are steadfast in continuing their commitment to innovative design and materials, excellent products and leading customer service," said Brian McCluskie, CEO of the ES Group. "We are excited to expand our position to North America. The combination of these leading specialty bathtub and hydrotherapy brands in the US with the ES Group's European products, technology and scale creates a powerful set of capabilities to meet the needs of US customers."

"During the last 20 years of employee ownership, we have established MTI as the leading specialty bathroom and hydrotherapy brand in the US. We are very appreciative of the skill, hard work and dedication of the employees of MTI that made this happen," said Kathy Adams, CEO of MTI. "We are equally excited for the next chapter as a division of the ES Group. The combination of capabilities allows us to build on the strong foundation we have built at MTI to build an even stronger company as part of the ES Group."

"There is a huge opportunity in high-quality solid surface and hydrotherapy bathtubs and spas," said Joseph Burnstein, founder and CEO of Aquatica. "By combining with the ES Group, we have the ability to bring our collective capabilities to capture this opportunity on a global basis."

"The additions of MTI and Aquatica establish the ES Group as a meaningful material specialist in the North American bathroom products segment," said Christopher Mahan, Chairman of the ES Group and Senior Managing Director of Cranemere. "Hydrotherapy is an attractive and growing area and MTI and Aquatica make us a leader in this segment. This is an important addition to our products and brands focused on engineered stone bathroom products. The ES Group has assembled a global group of products, brands and capabilities to be a leader in these segments over the long-term."

The ES Group was advised by Houlihan Lokey and Milbank.

About The Engineered Stone Group
The Engineered Stone Group is a European holding company established by The Cranemere Group to be a leading specialist in engineered stone and hydrotherapy products. The ES Group is comprised of a group of leading branded and private label manufacturers of engineered stone bathroom products, including shower trays, sinks, tubs and wall panels. The ES Group includes MTI, Aquatica, Aquabella, Fiora, F&D Group, Mcbath, Nuovvo and Marmite.