Another family business in the state has changed hands. After the purchase, a pending closure operation involved transferring Pascual Group and Suavinex to the multinational Peek a Boo, which now becomes the maker of Agost roof tiles. The fact remains that a sale to the French group Edilians has been completed.
As confirmed by the company’s CEO, Alfred Vincent, the owners of the Augustan firm, the Roman brothers, have reached an in principle agreement with the Gallic holding. Edilians will await the necessary permits from the National Competition Commission due to the potential market impact. This concern is heightened by the fact that Edilians already owns one of La Escandella’s main rivals, Valencian Tejas Borja.
In the meantime, the CNMC council has approved the sale in the first stage by a decision published on 14 September, as recorded on the supervisory body’s website.
Vincent explains that the decision to sell was driven in part by a lack of generational change. The current owners were nearing retirement age, and none of their descendants wished to take over the business, so they opted to bring in a new shareholder to ensure continuity.
La Escandella facilities. David’s Revenge
According to the CEO, Edilians intends to protect both the brand and the existing facilities. New investment plans are expected to increase production capacity at Agost, while the French company will retain the teams responsible for guiding the business in recent years.
La Escandella faced a challenging period after the real estate bubble burst and a construction downturn, which led to insolvency in 2009. The company managed to secure a refinancing arrangement and exited bankruptcy in 2019, ten years later.
La Escandella outperforms the competition after ten years
The company recovered strongly in the pandemic era and posted a notable rise in turnover and profits last year, driven by the real estate revival and a surge in housing reforms. Accounts filed with the Trade Registry show that revenue for 2021 approached 47.5 million euros, up 35.7 percent from the prior year. Profit reached 4.4 million, compared with 1.4 million in 2020.
Of course, the firm could not escape the pressures from higher raw material costs and rising production expenses, especially energy. Since early September, production at three of the four furnaces has been paused to avert losses, a measure expected to extend through October, according to the CEO.