Mergers & Acquisitions
June 1, 2021
Robert Jamieson Back to Work
SK Capital Announces Acquisition of Canlak and Valentus Specialty Chemicals
Provided by Business Wire May 27, 2021 6:30 AM EDT
SK Capital Announces Acquisition of Canlak and Valentus Specialty Chemicals
Businesses will be combined to create leading wood coatings company
Funds advised by SK Capital Partners, LP (“SK Capital”), a private investment firm focused on the specialty materials, chemicals and pharmaceuticals sectors, today announced the purchase of the Canadian coatings company Canlak Inc., and US-based Valentus Specialty Chemicals. SK Capital plans to merge the two businesses to form a premier North American wood coatings company called Canlak Coatings (the “Company”), which will be headquartered in North Brunswick, New Jersey.
“The combined Company will offer a comprehensive portfolio of wood coatings products to serve the sports, commercial and residential flooring, cabinet and furniture manufacturing sectors,” said Mario Toukan, a Managing Director of SK Capital. “We see tremendous opportunity to build upon a solid portfolio of brands, including Canlak, Poloplaz, ABSCO and Sampson Coatings, to provide value and solutions to the Company’s North American customer base.”
SK Capital, Canlak Inc. and Valentus Specialty Chemicals are working together to execute the transaction, which will result in a seamless transition for customers and suppliers alike. Normand Guindon, the current CEO of Canlak Inc., will remain actively involved with the business and will serve as Executive Chairman of the Board of the Company.
“The new Company will focus on offering the highest quality coatings that meet the market’s ever-more stringent VOC requirements,” added Randy Dearth, Senior Director of SK Capital. “Our portfolio will include a broad range of technologies, including traditional lacquers and varnishes, waterborne coatings, UV-cured coating systems and high-performance polyurethanes. We will support and grow our presence in the market through an expertly trained sales and technical staff supported by a state-of-the-art wood coatings laboratory.”
SK Capital is also pleased to announce that Robert Jamieson will be appointed as President and CEO of Canlak Coatings. Robert brings more than 30 years of experience in the chemicals industry to his new role, most recently serving as an executive of VersaFlex, a leading provider of specialty coatings, linings and foams. Robert’s experience also includes roles at Quadrant Chemical, Quadrant Urethane Technologies and Carlisle Construction Materials. “Robert’s extensive background managing chemicals businesses makes him an ideal candidate for integrating and growing Canlak Coatings,” added Toukan.
About SK Capital
SK Capital is a private investment firm with a disciplined focus on the specialty materials, chemicals and pharmaceuticals sectors. The firm seeks to build strong and growing businesses that create substantial long-term value. SK Capital aims to utilize its industry, operating and investment experience to identify opportunities to transform businesses into higher performing organizations with improved strategic positioning, growth and profitability as well as lower operating risk. SK Capital’s portfolio of businesses generates revenues of approximately $11 billion annually, employs more than 16,000 people globally and operates 150 plants in 28 countries. The firm currently has greater than $5 billion of assets under management. For more information, please visit www.skcapitalpartners.com.
May 27, 2021
Tempur Sealy With Positive Update and an Acquisition
Tempur Sealy Provides Update On Improved Sales Trends
News provided by Tempur Sealy International, Inc.
May 27, 2021, 06:47 ET
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LEXINGTON, Ky., May 27, 2021 /PRNewswire/ — Tempur Sealy International, Inc. (NYSE: TPX, “Tempur Sealy” or the “Company”) today provided an update on its targeted second quarter sales performance. Quarter-to-date orders have accelerated since the Company’s first quarter earnings call, and it now targets total second quarter net sales growth of approximately 60% as compared to the second quarter of 2019. The second quarter of 2019 was unaffected by COVID-19-related shutdowns at retail and provides a more meaningful comparison than the second quarter of 2020. The improved outlook has been driven by growth in demand for Tempur-Pedic products in the U.S., which are higher margin than the Company’s average. The Company expects to update full year sales and EPS guidance when it reports second quarter 2021 financial results.
Additionally, the Company noted that while the availability of chemical and foam supplies in the U.S. has improved in-line with previously communicated expectations, demand for bedding products has accelerated further, resulting in growth in the Company’s backlog during the second quarter.
Tempur Sealy International, Inc. Chairman and CEO Scott Thompson commented, “Consumer demand for our global brands and products is very strong and broad-based. This improved demand outlook is likely to result in some supply constraints and plant inefficiencies into the third quarter. In order to mitigate what we believe are industry-wide constraints and reduce complexity for retailers during this period, we have elected to delay a portion of our new Sealy U.S. product launch to allow our operations to focus on producing current products to meet this elevated demand. This is in an effort to simplify inventory management for retailers, at a time when the industry is having difficulty meeting robust customer demand. We believe this will result in higher-quality customer experiences and shorter order-to-deliver times.”
Additionally, The Company announced in a separate press release today an agreement to acquire Dreams, the leading specialty bed retailer in the United Kingdom. Once closed, the transaction will accelerate the Company’s growth in the largest European bedding market and the sixth largest economy in the world.
May 27, 2021
Tempur Sealy With Positive Update and an Acquisition
Tempur Sealy Provides Update On Improved Sales Trends
News provided by Tempur Sealy International, Inc.
May 27, 2021, 06:47 ET
Share this article
LEXINGTON, Ky., May 27, 2021 /PRNewswire/ — Tempur Sealy International, Inc. (NYSE: TPX, “Tempur Sealy” or the “Company”) today provided an update on its targeted second quarter sales performance. Quarter-to-date orders have accelerated since the Company’s first quarter earnings call, and it now targets total second quarter net sales growth of approximately 60% as compared to the second quarter of 2019. The second quarter of 2019 was unaffected by COVID-19-related shutdowns at retail and provides a more meaningful comparison than the second quarter of 2020. The improved outlook has been driven by growth in demand for Tempur-Pedic products in the U.S., which are higher margin than the Company’s average. The Company expects to update full year sales and EPS guidance when it reports second quarter 2021 financial results.
Additionally, the Company noted that while the availability of chemical and foam supplies in the U.S. has improved in-line with previously communicated expectations, demand for bedding products has accelerated further, resulting in growth in the Company’s backlog during the second quarter.
Tempur Sealy International, Inc. Chairman and CEO Scott Thompson commented, “Consumer demand for our global brands and products is very strong and broad-based. This improved demand outlook is likely to result in some supply constraints and plant inefficiencies into the third quarter. In order to mitigate what we believe are industry-wide constraints and reduce complexity for retailers during this period, we have elected to delay a portion of our new Sealy U.S. product launch to allow our operations to focus on producing current products to meet this elevated demand. This is in an effort to simplify inventory management for retailers, at a time when the industry is having difficulty meeting robust customer demand. We believe this will result in higher-quality customer experiences and shorter order-to-deliver times.”
Additionally, The Company announced in a separate press release today an agreement to acquire Dreams, the leading specialty bed retailer in the United Kingdom. Once closed, the transaction will accelerate the Company’s growth in the largest European bedding market and the sixth largest economy in the world.
May 25, 2021
Recticel Comments
Greiner’s unsolicited offer substantially undervalues Recticel
Occasional information, Brussels, 25/05/2021 — 07:00 CET, 25.05.2021
After careful consideration, the Board of Directors of Recticel SA/NV is of the view that the unsolicited conditional voluntary takeover bid from Greiner AG on Recticel for EUR 13.50 per share does not address the position and legitimate interests of all stakeholders and substantially undervalues the company.
Recticel invited Greiner AG to clarify their bid during a meeting with the Chairman and the CEO of Recticel on 24 May 2021. This meeting only further confirmed this view.
Recticel will actively review its strategic alternatives, including its stand-alone strategy, and will evaluate these alternatives taking into account the interest of all stakeholders, including shareholders.
Recticel will keep its shareholders and all other stakeholders informed of all significant developments, and will issue additional statements if and when appropriate.
https://www.recticel.com/greiners-unsolicited-offer-substantially-undervalues-recticel.html
May 25, 2021
Recticel Comments
Greiner’s unsolicited offer substantially undervalues Recticel
Occasional information, Brussels, 25/05/2021 — 07:00 CET, 25.05.2021
After careful consideration, the Board of Directors of Recticel SA/NV is of the view that the unsolicited conditional voluntary takeover bid from Greiner AG on Recticel for EUR 13.50 per share does not address the position and legitimate interests of all stakeholders and substantially undervalues the company.
Recticel invited Greiner AG to clarify their bid during a meeting with the Chairman and the CEO of Recticel on 24 May 2021. This meeting only further confirmed this view.
Recticel will actively review its strategic alternatives, including its stand-alone strategy, and will evaluate these alternatives taking into account the interest of all stakeholders, including shareholders.
Recticel will keep its shareholders and all other stakeholders informed of all significant developments, and will issue additional statements if and when appropriate.
https://www.recticel.com/greiners-unsolicited-offer-substantially-undervalues-recticel.html
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