Manuel Colonques, one of the three founders of the best-known Spanish ceramic brand in the world, Porcelanosa, has reached an agreement with the rest of the partners, the Soriano Manzanet family and his own brother Héctor Colonques, to reduce its weight in the shareholding of the group. An operation that includes practically 10% of the shareholding of Porcelanosa Corporación and that values it at 103.5 million euros.
The purchase is made through the holding company itself, which will allocate the securities to its treasury stock. As revealed in Sorman’s annual report, the firm through which the Sorianos control 56% of the ceramic group, Porcelanosa has already taken a first shareholding package, 4.54%, for a price of 47.44 million euros During the past year.
Although in its public information it does not reveal the “minority shareholder” that has carried out the sale, this is reflected in the annual accounts of Ermita 61, the estate of Manuel Colonques that owned 15.37% of Porcelanosa Corporación before that transfer.
The agreement between the partners includes a share purchase option for another 56.1 million euros plus interest, which will be mandatory for both parties if one of them decides to exercise it, as specified in Sorman’s report. With it and at the same price set in the purchase already materialized, 8.58 euros per share, Porcelanosa would assume about 10% of the shareholding package.
Manuel Colonques and his twin brother Héctor joined José Soriano in 1973 to found the tile company and since then they had been responsible for its international growth.
Exchange of shares and real estate
The sale represents one more step in the disassociation process of Manuel Colonques and his family branch from the Vila-real (Castellón) ceramic group, which began precisely with the creation of Porcelanosa Corporación to consolidate the more than one hundred companies into a single holding company in which the partners participated, even with different percentages.
Already at that time, the estate of Manuel Colonques, who had been one of the main responsible for the expansion through Porcelanosa’s own stores throughout the world, gave up part of his shares in various companies in exchange for acquiring 100% of Austral 3. In this company, the three families pooled part of their investments in commercial real estate and among the tenants of these stores is Porcelanosa itself. A title swap at the end of 2019 that was valued at 66.5 million.
At the beginning of this year there was another milestone in that disconnection: , which was absorbed by Porcelanosa. In April, the co-founder’s estate also left the boards of directors of several of the companies that are part of the holding company, in which Sorman and Mosel continue, the company with which Héctor Colonques controls 20.83% of the group.
Benefits of 22 million in 2020
Porcelanosa Corporación and its dependent companies, which range from the manufacture of bathroom and kitchen furniture, to taps and other materials, recorded a consolidated profit of 22 million euros last year, according to the accounts of its main partner, Sorman. The Soriano family company that owns 56.39% of the ceramic group reached a turnover of 759 million.
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