Mergers & Acquisitions
January 10, 2023
Sheela Foam Acquisition
India’s Sheela Foam to buy rival mattress maker Kurlon for $241 mln- ET Now
BENGALURU, Dec 28 (Reuters) – Indian mattress maker Sheela Foam Ltd (SHEF.NS) will soon acquire competitor Kurlon for 20 billion rupees ($241.29 million), ET Now reported on Wednesday, citing sources.
Should the deal go through, Sheela Foam could command a market share of 35-40%, Moneycontrol had reported last month, quoting a person familiar with the planned deal.
Sheela Foam and Kurlon did not immediately respond to Reuters’ requests for comment.
Sheela Foam, which sells the “Sleepwell” brand of mattresses, is the only listed mattress maker in the country.
The Ghaziabad-based company has a 25% market share in the sector, according to a note by ICICI Securities. The brokerage pegs India’s modern mattresses sector at 175 billion rupees.
Sheela Foam shares rose as much as 5% to 1,338 rupees following the report.
News of the potential acquisition comes as Kurlon Chairman and Managing Director Sudhakar Pai is looking to hand over the reins, the Moneycontrol report added.
It also comes at a time when other industry players like Duroflex, Springwell and The Sleeping Co have raised money from private equity firms over the past few years, according to multiple media reports.
Kurlon’s annual consolidated net profit has declined from 760.9 million rupees in fiscal year 2020 to 179.7 million rupees in fiscal year 2022.
Started in 1962 as Karnataka Coir Products Ltd, Kurlon currently has nine plants and 72 branch and stock points across India.
($1 = 82.8880 Indian rupees)
January 10, 2023
Sheela Foam Acquisition
India’s Sheela Foam to buy rival mattress maker Kurlon for $241 mln- ET Now
BENGALURU, Dec 28 (Reuters) – Indian mattress maker Sheela Foam Ltd (SHEF.NS) will soon acquire competitor Kurlon for 20 billion rupees ($241.29 million), ET Now reported on Wednesday, citing sources.
Should the deal go through, Sheela Foam could command a market share of 35-40%, Moneycontrol had reported last month, quoting a person familiar with the planned deal.
Sheela Foam and Kurlon did not immediately respond to Reuters’ requests for comment.
Sheela Foam, which sells the “Sleepwell” brand of mattresses, is the only listed mattress maker in the country.
The Ghaziabad-based company has a 25% market share in the sector, according to a note by ICICI Securities. The brokerage pegs India’s modern mattresses sector at 175 billion rupees.
Sheela Foam shares rose as much as 5% to 1,338 rupees following the report.
News of the potential acquisition comes as Kurlon Chairman and Managing Director Sudhakar Pai is looking to hand over the reins, the Moneycontrol report added.
It also comes at a time when other industry players like Duroflex, Springwell and The Sleeping Co have raised money from private equity firms over the past few years, according to multiple media reports.
Kurlon’s annual consolidated net profit has declined from 760.9 million rupees in fiscal year 2020 to 179.7 million rupees in fiscal year 2022.
Started in 1962 as Karnataka Coir Products Ltd, Kurlon currently has nine plants and 72 branch and stock points across India.
($1 = 82.8880 Indian rupees)
January 3, 2023
Brenntag Ends Acquisition Discussions with Univar
Univar Solutions Confirms End to Preliminary Discussions with Brenntag SE; Evaluating Other Indications of Interest
News provided by Univar Solutions Inc.
Jan 02, 2023, 20:45 ET
DOWNERS GROVE, Ill., Jan. 2, 2023 /PRNewswire/ — Univar Solutions Inc. (NYSE: UNVR) (“Univar” or “the Company”), a leading global solutions provider to users of specialty ingredients and chemicals, today confirmed that Brenntag SE has ended its discussions with the Company about a potential transaction. The Company and its Board of Directors are committed to acting in the best interest of its stockholders and will continue discussions relating to other indications of interest that have been received with respect to a potential transaction.
There can be no assurance that the ongoing process will result in any transaction. The Company does not intend to make any additional comments regarding this matter unless and until it is appropriate to do so.
About Univar Solutions
Univar Solutions (NYSE: UNVR) is a leading global specialty chemical and ingredient distributor representing a premier portfolio from the world’s leading producers. With the industry’s largest private transportation fleet and technical sales force, unparalleled logistics know-how, deep market and regulatory knowledge, formulation and recipe development, and leading digital tools, the Company is well-positioned to offer tailored solutions and value-added services to a wide range of markets, industries, and applications. While fulfilling its purpose to help keep communities healthy, fed, clean and safe, Univar Solutions is committed to helping customers and suppliers innovate and focus on Growing Together. Learn more at www.univarsolutions.com.
January 3, 2023
Brenntag Ends Acquisition Discussions with Univar
Univar Solutions Confirms End to Preliminary Discussions with Brenntag SE; Evaluating Other Indications of Interest
News provided by Univar Solutions Inc.
Jan 02, 2023, 20:45 ET
DOWNERS GROVE, Ill., Jan. 2, 2023 /PRNewswire/ — Univar Solutions Inc. (NYSE: UNVR) (“Univar” or “the Company”), a leading global solutions provider to users of specialty ingredients and chemicals, today confirmed that Brenntag SE has ended its discussions with the Company about a potential transaction. The Company and its Board of Directors are committed to acting in the best interest of its stockholders and will continue discussions relating to other indications of interest that have been received with respect to a potential transaction.
There can be no assurance that the ongoing process will result in any transaction. The Company does not intend to make any additional comments regarding this matter unless and until it is appropriate to do so.
About Univar Solutions
Univar Solutions (NYSE: UNVR) is a leading global specialty chemical and ingredient distributor representing a premier portfolio from the world’s leading producers. With the industry’s largest private transportation fleet and technical sales force, unparalleled logistics know-how, deep market and regulatory knowledge, formulation and recipe development, and leading digital tools, the Company is well-positioned to offer tailored solutions and value-added services to a wide range of markets, industries, and applications. While fulfilling its purpose to help keep communities healthy, fed, clean and safe, Univar Solutions is committed to helping customers and suppliers innovate and focus on Growing Together. Learn more at www.univarsolutions.com.
December 1, 2022
EVERCHEM UPDATE: VOL. 06 – Private Equity Kings
Dry powder in abundance, the PE boys are looking to partner with like-minded entrepreneurs to build platforms of scale, promising the power of a national operation while keeping local relationships and an entrepreneurial culture. [Company Name] could be an excellent partner.
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