• Guzman Minerals, a subsidiary of Guzmán Global, founded in 1939 in Spain, is a family owned global supplier of industrial raw materials, with operations in 53 countries with c. 4,000 clients
  • Based in Malaysia, Zircosil Malaysia (Zircosil) is part of Matrix Chemicals Holdings Ltd. (Matrix), specializing in the production of zircon raw materials in the South-East Asia region for several industries, including  ceramic, sanitaryware, refractory and foundry


  • DC Advisory was appointed as exclusive financial advisor to Guzmán Minerals on the acquisition of Zircosil Malaysia from Matrix
  • DC Advisory advised Guzmán Minerals in structuring the process, negotiating the offer, and executing the transaction


  • The transaction, signed and closed in April 2024, and represents Guzmán Minerals’ first investment outside Spain. It enhances the company’s zircon milling capacities, allowing its expansion into South-East Asia and integrating the Zircosil brand into its Armin brand
  • This transaction strengthens DC Advisory’s expertise in the ceramic sector by facilitating a cross-border transaction between two strategic hubs worldwide
  • DC Advisory continues to provide strategic advice in the Industrials sector with a special focus in Chemicals & Advanced Materials

“The extensive experience in the sector and the work of the DC Advisory team have been instrumental to the success of the deal. In a very volatile business environment and amidst significant cultural differences, they have been able to generate the trust necessary to achieve a satisfactory agreement”

Fidel García-Guzmán
Chief Executive Officer, Guzmán Minerals

“This is an important milestone for Guzmán Minerals as it represents its first acquisition outside Spain, and a strategic move into a key ceramic cluster worldwide. It’s been a pleasure being involved in this transaction and continue consolidating our credentials in the ceramic sector.”

César García
DC Advisory Spain