Key Takeaways
- • Interceramic, Mexico's leading ceramic tile producer, was named Private Debt Deal of the Year by LatinFinance for a take-private financing that returned the company to full control of the Almeida family.
- • The family's holding company raised a $600 million bridge facility from international and regional banks in mid-2024, plus a $65 million revolving credit facility, to fund a mandatory public tender offer that lifted its stake to up to 61.35%.
- • A roughly $640 million take-out refinancing closed in February 2025, anchored by a $320 million US private placement with seven institutional investors, many new to Mexico, and a $135 million subordinated debt facility.
- • The delisting was completed in December 2024, and the refinancing combined dollar and peso senior secured debt with a tailored FX hedging program using call spreads and collars.
Summary
Interceramic has been named Private Debt Deal of the Year by LatinFinance for a take-private transaction that returned the Mexican ceramic tile producer to the control of its founding Almeida family. The deal was notable for its use of a mandatory tender offer, a short-dated bridge facility and a multi-layered private capital refinancing that brought new international investors into Mexico.
The process began in late 2023, when long-standing shareholders told the company they wanted to exit. According to chief executive Victor Almeida, the family chose to take the company private rather than bring in new equity partners, citing a strong economy and continued plans for growth. Because Interceramic was listed on the Mexican Stock Exchange and the family sought more than 50% of outstanding shares, local rules required a public tender offer open to all shareholders. A holding company controlled by the family raised a $600 million bridge facility from a group of international and regional banks in mid-2024, along with a $65 million revolving credit facility for general corporate purposes. The bridge allowed the family to acquire up to 61.35% of the shares and begin the delisting, which Almeida described as arduous. The delisting was completed in December 2024.
The bridge was structured with a migration path. Proceeds were injected into a special purpose vehicle that conducted the tender offer, and debt was permitted to move from the holding company to Interceramic once control was consolidated. An operating company tranche was then drawn to refinance existing debt, acquire the tender vehicle and repay the holding company facility through a cashless settlement.
The permanent take-out closed in February 2025 and totaled approximately $640 million. Its core was a $320 million US private placement with seven institutional investors, many of which had not previously invested in Mexico. The fixed-rate, long-tenor notes were complemented by a $135 million subordinated debt facility. These instruments sat alongside a dual-currency senior secured term loan and revolving credit facility from a bank syndicate, which included both US dollar and peso-denominated debt. Coordinating banks, private placement investors and subordinated lenders required extensive work on intercreditor terms, collateral sharing and cash-flow waterfalls. The financing also included a foreign-exchange hedging program using call spread and collar strategies.
Almeida said the macro backdrop has become more challenging, noting that the Mexican economy is not growing and construction activity has declined, though he expects good results in 2026. The transaction was presented as evidence of the growing depth of Latin America's private debt markets and of institutional capital's ability to complement bank lending. Lenders named in the deal include ArtCap, BBVA, BNP Paribas, HSBC, Scotiabank, BLADEX and PGIM / Prudential. Caria Capital served as M&A advisor.
The process began in late 2023, when long-standing shareholders told the company they wanted to exit. According to chief executive Victor Almeida, the family chose to take the company private rather than bring in new equity partners, citing a strong economy and continued plans for growth. Because Interceramic was listed on the Mexican Stock Exchange and the family sought more than 50% of outstanding shares, local rules required a public tender offer open to all shareholders. A holding company controlled by the family raised a $600 million bridge facility from a group of international and regional banks in mid-2024, along with a $65 million revolving credit facility for general corporate purposes. The bridge allowed the family to acquire up to 61.35% of the shares and begin the delisting, which Almeida described as arduous. The delisting was completed in December 2024.
The bridge was structured with a migration path. Proceeds were injected into a special purpose vehicle that conducted the tender offer, and debt was permitted to move from the holding company to Interceramic once control was consolidated. An operating company tranche was then drawn to refinance existing debt, acquire the tender vehicle and repay the holding company facility through a cashless settlement.
The permanent take-out closed in February 2025 and totaled approximately $640 million. Its core was a $320 million US private placement with seven institutional investors, many of which had not previously invested in Mexico. The fixed-rate, long-tenor notes were complemented by a $135 million subordinated debt facility. These instruments sat alongside a dual-currency senior secured term loan and revolving credit facility from a bank syndicate, which included both US dollar and peso-denominated debt. Coordinating banks, private placement investors and subordinated lenders required extensive work on intercreditor terms, collateral sharing and cash-flow waterfalls. The financing also included a foreign-exchange hedging program using call spread and collar strategies.
Almeida said the macro backdrop has become more challenging, noting that the Mexican economy is not growing and construction activity has declined, though he expects good results in 2026. The transaction was presented as evidence of the growing depth of Latin America's private debt markets and of institutional capital's ability to complement bank lending. Lenders named in the deal include ArtCap, BBVA, BNP Paribas, HSBC, Scotiabank, BLADEX and PGIM / Prudential. Caria Capital served as M&A advisor.
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