SPAIN - Global investment firm Carlyle announced that it has agreed to acquire a majority stake in Grupo Garnica Plywood, S.A., a leading global manufacturer of premium plywood solutions, from ICG and certain shareholders, some of whom will retain a stake in the business, including the Garnica family and the management team.

The transaction is subject to customary regulatory approvals and is expected to close by early 2023.

Founded in 1941 and headquartered in La Rioja, Spain, Garnica manufactures a range of premium plywood solutions for decorative and structural applications across a variety of large and growing end markets including a wide range of building and refurbishment applications, furniture, and transportation. It has leading in-house product innovation capabilities, enabling it to offer a broad suite of superior products with different technical characteristics, and attractive market dynamics across all the sectors in which it operates. Garnica has over 1,200 employees, sales in over 50 countries to more than 600 customers, 25 sales agents worldwide, and a strong and unique manufacturing footprint with seven production facilities located in the main poplar and pine basins across Europe.

Carlyle will partner with the Garnica family and the management team led by Christian Michel to support the business through its next stage of development by investing to drive growth in premium markets, expanding its product range and end markets, maintaining and extending Garnica’s innovation and R&D leadership, and seeking out opportunities for transformational strategic investments.