Click the arrow to play
TRANSCRIPT
Hi, I’m K. Schipper with the latest in hard surfaces industry news from Radio Stone Update.
Marudhar Rocks International Private Limited recently secured an investment of approximately $18.2 million, from Bharat Value Fund (BVF). The investment was made through a private placement, with BVF acquiring a 6.5 percent stake in Marudhar, valuing the company at approximately $278.8 million.
Marudhar Rocks, founded in 2010, is one of the largest manufacturers of quartz surfaces in India, with an annual production capacity of approximately 21 million ft² annually.
The company operates three facilities: one in Rajasthan and two in Tamil Nadu. In addition to quartz surfaces and the processing of natural stone, Marudhar also produces Premium Stone Plastic Composite (SPC) Flooring. The company derives all its revenue from exports to markets including the United States, United Kingdom, Canada, Australia, Italy, the Middle East, and Vietnam.
Bharat Value Fund, part of Pantomath Capital Management, is focused on pre-IPO investment opportunities in Indian growth-stage enterprises. Managed by Madhu Lunawat, the fund has raised $144.4 million so far. It emphasizes investments in companies that promote the “Made in India” ethos, substitute imports, foster exports, and support rural consumption in India.
Lunawat explained that the decision to invest in Marudhar was based on the company’s track record, robust business model, premium product portfolio, and commitment to quality and sustainability. She also expressed confidence in Marudhar’s growth and market-expansion potential.
Marudhar reported revenue of $62.3 million and a profit-after-tax margin of 27% for fiscal year 2024.
The International Surface Fabricators Association (ISFA) unveiled its detailed agenda for its 2024 annual conference, scheduled for Nov. 6-8, at The Palms Hotel & Spa in Miami.
The conference’s theme is “Crafting Success: Innovate, Fabricate, Dominate,” and expert-led panel discussions and presentations will focus on those themes, while offering multiple networking opportunities.
The keynote breakfast features Dr. Sharon Grossman, an executive coach, business consultant and author who will share strategies on turning stress into a strength, finding work-life balance, and boosting productivity without burnout.
Under the track “Innovate,” attendees will discover groundbreaking ideas and forward-thinking strategies from industry leaders to help redefine goals. Topics include
“Exploring Surfaces,”
“Marketing for Fabricators,”
a bi-lingual presentation entitled “A Fabricator’s Inspiration,”
and a session on the life cycle of a project.
The track “Fabricate,” dives into educational sessions that turn visions into reality, looking at new skills, projects and products. Sessions include:
“Safety First: Best Practices and Leadership in a Safe Shop,”
“Eight Steps to Improving Your Sales Team’s Capacity,”
a presentation on making the shop to office transition
and an OSHA update.
The track for “Dominate,” will help attendees establish powerful connections and gain exclusive insights that help overcome challenges. Topics include:
“Policies, Practices and Protection: Does Your Handbook Have What It Takes?”
a session on data-driven decision making,
another on accountability in the stone industry,
and, finally, a presentation on recruiting and retaining industry talent.
The ISFA Recognition and Awards Luncheon will celebrate this year’s ISFA Award winners, while an expo will feature leading suppliers and manufacturers showcasing the latest tools, materials and equipment tailored for fabricators in the surfacing industry.
Marissa Bankert, executive director of ISFA, says the goal of the conference is to provide attendees with the information they need to hit the ground running in 2025. “We want everyone to walk away with something tangible,” she says.
Registration is now open to members and nonmembers, and anyone interested in attending can find more details at www.ISFAnow.org/annual-conference.
The Natural Stone Institute – NSI — presented its 2024 Tucker Design Awards to eight projects and their design teams. The 2024 Bybee Prize recipient, Lee Becker, was also honored during the event.
The awards were presented in late August as part of the NSI Study Tour of Utah and Idaho. The biennial Tucker Design Awards competition, which dates back to 1977, honors members of the design community who exhibit innovation and excellence in the use of natural stone.
This year’s Tucker Design Award recipients are:
Pelli Clarke & Partners;
Polk Stanley Wilcox Architects;
Wheeler Kearns Architects;
Bates Masi + Architects;
Santiago Calatrava Architects & Engineers in collaboration with Koutsomitis Architects;
Waterstreet Studio;
and John Milner Architects.
Lee Becker, this year’s Bybee Prize recipient, is a partner at Hartman-Cox Architects of Washington. The Bybee Prize, named in honor of the late James Daniel Bybee, is awarded to an individual architect or landscape architect for a body of work executed over time and distinguished by outstanding design and use of natural stone.
The Brazilian natural stone industry is taking a major step in expanding into the United States with the launch of its “Brazilian Stone Tour” next month.
A collaboration between the Brazilian Center of Natural Stone Exporters – Centrorochas – and Marmomac Brazil, it aims to connect local specifiers to the geologic riches of Brazil through a series of lectures.
The event was developed after receiving the results of a study done during KBIS 2024 that showed specifiers lack knowledge about where to find Brazilian natural stone in the United States. It’s designed to bring together designers responsible for specifications and the distribution centers where the products can be found.
The lectures will be held at strategic locations in California and Texas. The sessions are scheduled for
*Architectural Surfaces in Austin, Texas;
*Pomogranit in Houston;
*Pacific Shore Stones in North Hollywood, Calif., and;
*Natural Stone Resources in Anaheim, Calif.
The presentations will provide participants with information about the Brazilian stone market, as well as CEU credits. And one attendee from each location will win an all-expenses-paid trip to Marmomac Brazil in Sao Paulo, which is scheduled for February of next year.
The vice president of Centrorochas, Fabio Cruz, stresses that the “Brazilian Stone Tour” represents more than an opportunity for Brazilian companies to showcase their national products. He says, “This event is already a strategic tool to position our materials in the competitive U.S. market, where the demand for quality and authenticity is high.”
MS International, Inc. – MSI – has recently been recognized as a top 20 recipient of the Top Workplaces Distribution Industry Awards. This is the second consecutive year the company has won the award, which recognizes MSI as one of the best distribution companies to work for in the United States.
The company was also recently cited for its outstanding Purpose and Values, Leadership, and Innovation. The awards are presented by Energage and are based on a comprehensive engagement survey that draws on data from millions of employees across tens of thousands of organizations.
The Top Workplaces program celebrates people -first organizations across the nation and in 60 regional markets through comprehensive surveys. It recognizes companies that have cultivated exceptional, people-first workplace cultures within their fields.
Chris Courneen, MSI’s vice president of human relations, notes that distribution, transportation and logistics are vital to the U.S. economy and represent one of the largest employment sectors in the country. MSI ranks among the largest importers of goods into the U.S. and operates one of the largest private transportation fleets in the nation.
“A high-performing and well-supported distribution team is crucial to our success, and we are honored to be recognized as one of the top distribution companies to work for,” Courneen says.
Founded in 1975, MSI is a leading supplier of flooring, countertop, wall tile and hardscaping products in North America. Headquartered in Orange, Calif., MSI’s product assortment is imported from more than 37 countries on six continents.
MSI also announces the grand opening of a new showroom in the Montreal metropolitan area. The new facility is the company’s second location in Canada.
The showroom, located in Mascouche, Quebec, will feature quartz and natural stone countertops, porcelain and ceramic tile, luxury vinyl tile, backsplash tile, as well as hardscaping and turf selections. This includes the company’s Q™ Premium Natural Quartz collection and popular lines such as Everlife® LVT and Arterra® Porcelain Pavers.
Benoit Thibault, Montreal’s branch leader, says builders, retailers, fabricators, contractors and interior designers will experience a customer-focused environment with the full range of MSI products so they can easily source and select the ideal surfaces for their projects.
Walk-ins from both consumers and trade professionals are welcome, and the well-lit, climate- controlled areas are designed to help buyers make informed product and design choices. The Montreal showroom is open weekdays from 8 a.m. to 5 p.m., and on Saturdays from 9 a.m. to 1 p.m.
And, the Cosentino family is partnering with Hyatt to open a 40-million-euro, five-star hotel in the Spanish province of Almaria. The future “Destination by Hyatt” hotel will be in the Macenas Mediterranean Resort complex that’s being developed by the Cosentino family on Spain’s east coast of the Mediterranean.
The agreement, announced August 23, is estimated to possibly generate around 110 jobs. The start of construction of the hotel is set to take place by the end of this year with completion in 2026.
“Destination by Hyatt,” the chosen brand, is geared towards luxury holiday tourism and events, and already has establishments in Ibiza, Sardinia and Scotland; with its construction in Mojácar, Hyatt will be the first international hotel brand with a presence in Almería.
“It is a great satisfaction to have the support of the Macenas Mediterranean Resort hotel project from a brand with the international positioning of Hyatt,” said Álvaro de la Haza, director of the Cosentino family office. “This hotel will break with the traditional seasonality of the area with services and facilities for gastronomy, sports, health and leisure, both its own and those of the resort, which will respond to the demands of holiday and business tourism.”
Macenas Mediterranean Resort is a residential, tourist and sports project, promoted by the Cosentino family, which seeks to become a reference destination at a national and international level. The project, with an estimated investment of more than 200 million euros, is a long-term plan with commitment to sustainability, excellence, and to preserving the natural and cultural heritage of this enclave.
Remember, the September-October issue of Stone Update Magazine is now available online at www.stonemag.com. For a transcript of this broadcast, go to www.radiostoneupdate.com. For Radio Stone Update, I’m K. Schipper and we’ll see you here again soon.
