BRUSSELS - Friday, 09. September 2022
(BUSINESS WIRE)--Syntagma
Capital today announces that it has entered into exclusive negotiations
to acquire certain assets of Imerys producing kaolin, ground calcium
carbonate (“GCC”), precipitated calcium carbonate (“PCC”) and talc
primarily serving the paper, as well as pulp, board, packaging, ceramics
and building markets for an enterprise value of €390m including an
earn-out based on the future performance of the business. These
activities are operated by approximately 950 employees in 24 plants, 7
distribution terminals, and 2 R&D centers in Europe, the Americas
and Asia. In total, these activities represented approximately €400m in
sales in 2021.
The proposed transaction, which is subject to the
fulfillment of customary closing conditions, including the information
and consultation of works councils and other regulatory approvals, is
expected to be completed by the end of the first half of 2023.
“Syntagma
is excited by the opportunity to invest in the Business, a global
leader that serves critical needs of customers across a broad range of
end-markets. This Business has been a core part of Imerys for many years
and we appreciate Imerys’ confidence in our capacity to steer the
Business forward and deliver a transaction that is opportune for all
stakeholders. Syntagma looks forward to continuing the close
collaboration with Imerys, which will remain a long-term partner, to
grow the Business as a successful standalone company. This transaction
reflects Syntagma’s strategy to acquire businesses that will benefit
from a new owner to drive the next area of growth” said Syntagma
Managing Partner Sebastien Kiekert Le Moult. “Our extensive carve-out
expertise and ability to manage complex situations confirm Syntagma as a
preferred partner for large corporations in complex, cross border
carve-out transactions.”
Alessandro Dazza, CEO of Imerys, said:
“In Syntagma, we have found a partner that shares Imerys’ values and
passion for delivering mineral solutions in a responsible way. We are
confident that our employees, customers, and the business overall will
flourish and develop under the new ownership. I would like to thank the
teams in management, operations and functions for their outstanding work
in building this business over the years. I know they will continue
delivering excellent results also in the future.”
“Syntagma’s
team has extensive experience investing in and managing complex and
global industrials and material businesses. The business is an excellent
platform with meaningful opportunities to grow” said Syntagma Partner
Frank Coenen. “We expect to leverage the company’s global presence,
strong customer relationships, R&D and technical capabilities to
accelerate its growth, both organically and through targeted M&A
investments in key product areas and geographies. We are excited to
invest in the Business and we look forward to working with the company’s
management team, employees, clients and suppliers.”
Syntagma’s
team involved in the transaction included Sebastien Kiekert Le Moult
(Managing Partner), Frank Coenen (Partner), Benjamin Dahan (Partner),
Fabio Yamasaki (Vice President), Ludovic Ruffenach (Senior Associate)
and Gabriele Lo Monaco (Associate).
About Syntagma Capital
Syntagma
invests in companies that can benefit from hands-on operational
expertise to accelerate growth and improve performance for all
stakeholders. We are true operators with experience working in and
managing companies on a global scale, leveraging our in-house resources
to develop successful strategies, execute them to realize their full
potential and create sustainable long-term value. Syntagma invests and
operates companies in a broad range of industries with a specific focus
on the material, chemical, industrial and business services markets and
including manufacturing, distribution, transportation and logistics,
equipment rental, metals services and other industries. Syntagma is
committed to high ESG standards across all its investments and is based
in Brussels, Belgium. For more information, please visit:
https://syntagmacapital.com
About Imerys
The world’s
leading supplier of mineral-based specialty solutions for industry with
€4.4 billion in revenue and 17,000 employees in 2021, Imerys delivers
high value-added, functional solutions to a great number of sectors,
from processing industries to consumer goods. The Group draws on its
understanding of applications, technological knowledge, and expertise in
material science to deliver solutions by beneficiating its mineral
resources, synthetic minerals, and formulations. Imerys’ solutions
contribute essential properties to customers’ products and their
performance, including heat resistance, hardness, conductivity, opacity,
durability, purity, lightness, filtration, absorption, and water
repellency. Imerys is determined to develop responsibly, in particular
by fostering the emergence of environmentally friendly products and
processes. www.imerys.com
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Contacts
Marie Ciparisse
Phone: +32 (0)2 315 70 12
Email mciparisse@syntagmacapital.com