KINGSPAN
EUR 250m deal to buy Spanish PU and resins producer Synthesia / Investments over EUR 620m to fund ten acquisitions
Building materials group Kingspan (Kingscourt / Ireland; www.kingspan.com) said it plans to acquire Synthesia (Barcelona / Spain; www.gruposynthesia.com) for EUR 250m, including debt in a deal that would make it a leader in insulated panels and boards on the Iberian peninsula. The acquisition, expected to close in first-quarter 2018, also strengthens its emerging presence in the Central and South American insulated panels sector.
Three of the sellers named were Monsax, Isoblok and Inversiones Landa. The acquisition, whose price is payable in cash and debt, is conditional on regulatory approval. The existing Synthesia management teams will be retained.
Synthesia, comprising its three operating arms Synthesia Española, Poliuretanos and Huurre Ibérica, generated sales of EUR 275m in 2016 and EBITDA of EUR 33m. It has eight manufacturing facilities across northern Spain and Panama and employs around 575 people.
Kingspan also said it has agreed to acquire Synthesia’s Polish rival Balex Metal (Bolszewo; www.balex.eu), which has five manufacturing plants, and had sales of EUR 160m in 2016. The acquisition is also conditional on regulatory clearance and is expected to close towards the end of the first quarter of 2018.
Kingspan announced it has recently completed the acquisition of Brakel (Uden / The Netherlands; www.brakel.com), a leader in building solutions for daylight access and ventilation, with manufacturing sites in the Netherlands, Belgium and Slovakia. Sales in 2016 totalled EUR 68m.
The Irish company has so far committed EUR 620m of investments on ten acquisitions, including Synthesia, Balex, Brakel and the previously announced acquisitions of Isoeste (Anápolis / Brazil; www.isoeste.com.br) and CPI in the US. The ten have combined annual revenues of around EUR 750m. To pay for these investments, it has secured financing of EUR 225m, mostly from a loan placement, and has negotiated another EUR 50m facility. These funds along with cash and a revolving credit facility will be used to fund the acquisitions.
Three of the sellers named were Monsax, Isoblok and Inversiones Landa. The acquisition, whose price is payable in cash and debt, is conditional on regulatory approval. The existing Synthesia management teams will be retained.
Synthesia, comprising its three operating arms Synthesia Española, Poliuretanos and Huurre Ibérica, generated sales of EUR 275m in 2016 and EBITDA of EUR 33m. It has eight manufacturing facilities across northern Spain and Panama and employs around 575 people.
Kingspan also said it has agreed to acquire Synthesia’s Polish rival Balex Metal (Bolszewo; www.balex.eu), which has five manufacturing plants, and had sales of EUR 160m in 2016. The acquisition is also conditional on regulatory clearance and is expected to close towards the end of the first quarter of 2018.
Kingspan announced it has recently completed the acquisition of Brakel (Uden / The Netherlands; www.brakel.com), a leader in building solutions for daylight access and ventilation, with manufacturing sites in the Netherlands, Belgium and Slovakia. Sales in 2016 totalled EUR 68m.
The Irish company has so far committed EUR 620m of investments on ten acquisitions, including Synthesia, Balex, Brakel and the previously announced acquisitions of Isoeste (Anápolis / Brazil; www.isoeste.com.br) and CPI in the US. The ten have combined annual revenues of around EUR 750m. To pay for these investments, it has secured financing of EUR 225m, mostly from a loan placement, and has negotiated another EUR 50m facility. These funds along with cash and a revolving credit facility will be used to fund the acquisitions.
01.02.2018 Plasteurope.com [238938-0]
Published on 01.02.2018
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