October 07, 2020

Translink Corporate Finance advised CMAI Group on the acquisition of Puertas Sanrafael and Puertas Castalla

Translink Corporate Finance advised CMAI Group, a French leading designer, manufacturer and marketer of custom-made closet doors and interior design furniture, on the acquisition of 100% of Puertas Sanrafael and Puertas Castalla, leading Spanish interior doors manufacturers owned by the same group of private shareholders. 


Founded in 1981 and headquartered near Nantes in France, CMAI Group’s products are manufactured in 4 production sites in France and distributed under a number of own brands (Sogal, Agem, Kendoors, Iliko, among others) through a broad range of channels (encompassing more than 3,800 points of sale in France).

CMAI Group Revenues are split between (i) custom-made closet doors (c.65%), the Group’s historical core market (clear market leader in France with c.40% of market share), (ii) adjacent products (c.10%), mostly interior closet solutions and room dividers, and (iii) custom-made interior design products (c.25% of sales through more than 50k projects per year) where the Group is also the market leader in France. The Group generates sales and EBITDA of resp. c.€100m and c.€15m and employs c.750 FTEs.

CMAI Group is controlled since March 2018 by its management team and Intermediate Capital Group (majority shareholder).

Founded in 1986, Sanrafael develops, produces and markets to a network of distributors, resellers and installers, in Spain and internationally, decorative interior doors of all types of high-end finishes, in standard and custom sizes, intended for residential or tertiary environments. The Company generates sales and EBITDA of c.€25m and c.€4.3m.

Founded in 1989, Castalla develops, manufactures and markets in Spain and internationally decorative interior doors of medium and high-end finish, intended for the residential environment, through specialized dealers or the large DIY distribution. The Company generates sales and EBITDA of c.€17m and c.€1.9m

This merger creates a new European Group, with 1,100 employees and a consolidated turnover of around € 140m (2019). It will enable CMAI to acquire the know-how and resources necessary to pursue its growth strategy in the field of interior doors in France, successfully initiated in 2018.

José María Banús, Partner Translink in Spain, and Jacques Halpérin, Partner Translink in Belgium, have participated in the operation as financial advisers to CMAI Group.

WindCorp Translink is a Corporate Finance firm that provides financial services to both national and international companies either listed or in the midmarket segment.

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