Mergers & Acquisitions
March 19, 2021
Recticel Acquisition
Recticel expands its Insulation activities with the acquisition of the thermal insulation board business of Gór-Stal
Regulated information, Brussels, 19/03/2021 — 06:57 CET, 19.03.2021
Recticel announces that it has entered into preliminary agreements with the owners of the private Polish company Gór-Stal Sp. z o.o. (“Gór-Stal”) to acquire Gór-Stal’s thermal polyisocyanurate-based (PIR) insulation board business.
The acquisition will be made in cash for an enterprise value of EUR 30 million, of which EUR 27.25 million will be payable at closing and EUR 2.75 million payable in two equal tranches in 2022 and 2023. The transaction is subject to confirmatory due diligence and customary conditions precedent.
In 2015, Gór-Stal started its PIR insulation board business and built a new plant in Bochnia, focused on the production of high-value-added termPIR® thermal insulation boards for the construction sector. In 2020, the Bochnia plant employed 66 people and generated EUR 16.7 million net sales and EUR 2.5 million normalized EBITDA at a capacity utilization rate of about 40%.
The acquisition of the Gór-Stal insulation board business will lead to accelerated expansion into the Central and Eastern European markets, where Recticel was so far not present.
Closing of the transaction is expected to be completed by July 2021.
Olivier Chapelle (CEO) : “The acquisition of the Gór-Stal PIR-based insulation board activities marks an important step in the development of our Insulation business. This acquisition perfectly fits our ambition to further expand in the growing thermal insulation markets of Central and Eastern Europe. It meets three fundamental prerequisites: a state-of-the-art asset, a perfect geographical complementarity, and a focus on high performance PIR insulation solutions. We look forward to welcoming our new and highly skilled colleagues from Gór-Stal.”
March 18, 2021
Arsenal Acquires Another Adhesives Platform
Arsenal Acquires Applied Adhesives NEW YORK, NY and MINNEAPOLIS, MN. March 15, 2021 – Goldner Hawn, LP (“Goldner Hawn”) announced the sale of Applied Products, Inc. (“Applied Adhesives”), a leading manufacturer and value-added distributor of adhesive products and thermal product solutions in North America, to Arsenal Capital Partners (“Arsenal”). The terms of the transaction were not disclosed.
Applied Adhesives is a comprehensive provider of adhesive solutions for the packaging, paper converting, graphic arts, bottle labeling, product assembly, and woodworking industries. The company is a value-added distributor of hot melt, water-based, and reactive adhesives as well as dispensing equipment. Applied Adhesives serves as a critical supply chain partner to leading adhesive manufacturers and formulators by offering reach and high service levels to an expansive customer base. Since Goldner Hawn partnered with Applied Adhesives in 2017, the company has completed five acquisitions.
“We are grateful for the outstanding support Goldner Hawn has provided us over the past four years,” said John Feriancek, President and Chief Executive Officer of Applied Adhesives. “As we look toward the future, we are thrilled to partner with Arsenal. With its backing, we will continue to execute on our growth initiatives and strive to be the adhesive solutions partner of choice for businesses throughout North America.
Chad Cornell, a Partner at Goldner Hawn, added, “It has been a pleasure for Goldner Hawn to partner with Dan Horner and Brian Webb in growing Applied Adhesives, both organically and inorganically, more than tripling its size during the course of our investment, and John has proven to be a fantastic successor to Dan and Brian. He led a number of successful add-on acquisitions for the company and is the right leader to continue Applied Adhesives’ growth. We wish John, his team, and Arsenal all the best in Applied Adhesives’ next chapter.”
Roy Seroussi, an Investment Partner of Arsenal, commented, “We are delighted to partner with John and his team and excited to have Dan continue on the board. Arsenal brings decades of domain and technical expertise in the adhesives and sealants market, and we are excited to support Applied Adhesives’ organic and acquisition growth initiatives and continue to build the company as a leading value-added distributor.”
Applied Adhesives represents Arsenal’s third platform investment in the adhesives and sealants market, following Arsenal’s former investment Royal Adhesives & Sealants and its current investment Meridian Adhesives Group.
BlackArch Partners served as the exclusive financial advisor to Applied Adhesives and Goldner Hawn, with Faegre Drinker Biddle & Reath LLP serving as legal advisor. Kirkland & Ellis LLP served as legal advisor to Arsenal.
About Applied Adhesives Founded in 1971, Applied Adhesives provides innovative and cost-effective solutions to customers throughout North America via the company’s manufacturing capabilities and its partnerships with the world’s premier adhesive and thermal product manufacturers. For more information, please visit us at www.appliedadhesives.com. About Goldner Hawn Goldner Hawn was founded in 1989 in Minneapolis, Minnesota and has been a source of private capital to leading lower middle market companies for the past 30 years. With an investment philosophy centered on the principle of partnership, Goldner Hawn is looking to back management teams of businesses with $5 million to $20 million of EBITDA in industries including industrial manufacturing, value-added distribution, consumer products and services, and outsourced business services. Goldner Hawn has made over 40 platform investments in companies with total transaction values approaching $3 billion. For more information, please call 612-338-5912 or visit www.goldnerhawn.com.
About Arsenal Capital Partners Arsenal is a leading private equity firm that specializes in investments in middle-market specialty industrials and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, has completed more than 200 platform and add-on investments, and achieved more than 30 realizations. Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add. Visit www.arsenalcapital.com.
March 18, 2021
Arsenal Acquires Another Adhesives Platform
Arsenal Acquires Applied Adhesives NEW YORK, NY and MINNEAPOLIS, MN. March 15, 2021 – Goldner Hawn, LP (“Goldner Hawn”) announced the sale of Applied Products, Inc. (“Applied Adhesives”), a leading manufacturer and value-added distributor of adhesive products and thermal product solutions in North America, to Arsenal Capital Partners (“Arsenal”). The terms of the transaction were not disclosed.
Applied Adhesives is a comprehensive provider of adhesive solutions for the packaging, paper converting, graphic arts, bottle labeling, product assembly, and woodworking industries. The company is a value-added distributor of hot melt, water-based, and reactive adhesives as well as dispensing equipment. Applied Adhesives serves as a critical supply chain partner to leading adhesive manufacturers and formulators by offering reach and high service levels to an expansive customer base. Since Goldner Hawn partnered with Applied Adhesives in 2017, the company has completed five acquisitions.
“We are grateful for the outstanding support Goldner Hawn has provided us over the past four years,” said John Feriancek, President and Chief Executive Officer of Applied Adhesives. “As we look toward the future, we are thrilled to partner with Arsenal. With its backing, we will continue to execute on our growth initiatives and strive to be the adhesive solutions partner of choice for businesses throughout North America.
Chad Cornell, a Partner at Goldner Hawn, added, “It has been a pleasure for Goldner Hawn to partner with Dan Horner and Brian Webb in growing Applied Adhesives, both organically and inorganically, more than tripling its size during the course of our investment, and John has proven to be a fantastic successor to Dan and Brian. He led a number of successful add-on acquisitions for the company and is the right leader to continue Applied Adhesives’ growth. We wish John, his team, and Arsenal all the best in Applied Adhesives’ next chapter.”
Roy Seroussi, an Investment Partner of Arsenal, commented, “We are delighted to partner with John and his team and excited to have Dan continue on the board. Arsenal brings decades of domain and technical expertise in the adhesives and sealants market, and we are excited to support Applied Adhesives’ organic and acquisition growth initiatives and continue to build the company as a leading value-added distributor.”
Applied Adhesives represents Arsenal’s third platform investment in the adhesives and sealants market, following Arsenal’s former investment Royal Adhesives & Sealants and its current investment Meridian Adhesives Group.
BlackArch Partners served as the exclusive financial advisor to Applied Adhesives and Goldner Hawn, with Faegre Drinker Biddle & Reath LLP serving as legal advisor. Kirkland & Ellis LLP served as legal advisor to Arsenal.
About Applied Adhesives Founded in 1971, Applied Adhesives provides innovative and cost-effective solutions to customers throughout North America via the company’s manufacturing capabilities and its partnerships with the world’s premier adhesive and thermal product manufacturers. For more information, please visit us at www.appliedadhesives.com. About Goldner Hawn Goldner Hawn was founded in 1989 in Minneapolis, Minnesota and has been a source of private capital to leading lower middle market companies for the past 30 years. With an investment philosophy centered on the principle of partnership, Goldner Hawn is looking to back management teams of businesses with $5 million to $20 million of EBITDA in industries including industrial manufacturing, value-added distribution, consumer products and services, and outsourced business services. Goldner Hawn has made over 40 platform investments in companies with total transaction values approaching $3 billion. For more information, please call 612-338-5912 or visit www.goldnerhawn.com.
About Arsenal Capital Partners Arsenal is a leading private equity firm that specializes in investments in middle-market specialty industrials and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, has completed more than 200 platform and add-on investments, and achieved more than 30 realizations. Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add. Visit www.arsenalcapital.com.
March 11, 2021
Bridgestone Sale of Firestone Building Products to Close at the End of March
LafargeHolcim to acquire Firestone Building Products from Bridgestone Americas
- Acquiring industry leader in commercial roofing and building envelope solutions to position it for continued growth
- A milestone in the transformation of LafargeHolcim to become the global leader in innovative and sustainable building materials and solutions
- Strengthening LafargeHolcim’s biggest market, the US, with annual sales to exceed USD 6bn
- Plans to expand in Europe and Latin America to become the global leader in flat roofing systems
- Sale to enable Bridgestone to strengthen investments in company’s tire business and fast-growing mobility solutions business
LafargeHolcim has signed an agreement to acquire Firestone Building Products (FSBP), a leader in commercial roofing and building envelope solutions based in the United States (US), with 2020 (est.) net sales of USD 1.8 billion and EBITDA of USD 270 million. This acquisition is a milestone in LafargeHolcim’s transformation to become the global leader in innovative and sustainable building solutions.
This transaction is valued at USD 3.4 billion, to be financed with cash and debt while maintaining net debt below 2x. Synergies of USD 110 million per year are expected on a run-rate basis within two years of closing, which is expected in the second quarter. The acquisition is earnings per share (EPS) accretive from the first year.
Jan Jenisch, LafargeHolcim CEO: “I am excited to be entering the highly attractive roofing business. With Firestone Building Products we are strengthening our biggest market, the US, while also building a global growth and innovation platform for the company. Today’s milestone is a strategic leap on our journey to become the global leader in innovative and sustainable building solutions, to build a world that works for people and the planet. I have great respect for the high-caliber leadership and expertise of the Firestone Building Products’ team and look forward to welcoming them into the LafargeHolcim family.”
Paolo Ferrari, Bridgestone Americas President, CEO & COO: “This transaction will create new growth opportunities for Firestone Building Products and allow Bridgestone to focus its resources to further invest in the company’s tire business and rapidly growing mobility solutions business. Like Bridgestone, LafargeHolcim is a global company with a strong financial position and thriving culture. We know they will take great care of our Firestone Building Products employees and customers, and ensure the business enjoys growth and success for many years to come.”
Taylor Cole, Firestone Building Products President: “Today is a big moment for the Firestone Building Products team as we look forward to becoming part of the global leader in building materials and solutions. Together, we are in a prime position to accelerate our growth by combining Firestone Building Products’ advanced technologies and know-how with LafargeHolcim’s global scale and reach.”
Founded in 1980, Firestone Building Products (FSBP) is a business unit of Bridgestone Americas and part of Tokyo-based Bridgestone Corporation, a global leader providing tires and sustainable mobility solutions that create social and customer value. The acquisition of FSBP will strengthen LafargeHolcim’s biggest market, the US, establishing a new growth profile, reaching USD 6 billion in annual net sales. Building on FSBP’s strong organic growth, LafargeHolcim expects to accelerate its leadership through cross-selling opportunities and further bolt-on acquisitions. LafargeHolcim also aims to swiftly globalize the business, leveraging its European and Latin American footprint.
Urbanization trends are accelerating the development of the flat roof market, currently estimated at around USD 50 billion globally. By entering this attractive new business, LafargeHolcim will deliver above-market growth, driven by innovative technologies and branding. It will also benefit from FSBP’s position in the high-growth repair and refurbishment segment, accounting for the majority of its sales today.
With up to 60% of buildings’ energy lost through roofs, FSBP plays an instrumental role in mitigating this process with its industry-leading technologies, including cool roofs, insulation and waterproofing systems. In addition, its green roofs contribute to more sustainable urban environments. These technologies complement LafargeHolcim’s sustainable building solutions, from its ECOPact green concrete to its EcoLabel range, accelerating the company’s net zero commitment. With this acquisition LafargeHolcim will add 15 manufacturing facilities, 1,800 distribution points, and three R&D laboratories to its network. Upon completion of the sale, FSBP will continue to be headquartered in Nashville, Tennessee, and all 1,900 FSBP employees will transition to LafargeHolcim.
https://www.bridgestoneamericas.com/en/newsroom/press-releases/2021/lafargeholcim-acquires-fsbp
March 11, 2021
Bridgestone Sale of Firestone Building Products to Close at the End of March
LafargeHolcim to acquire Firestone Building Products from Bridgestone Americas
- Acquiring industry leader in commercial roofing and building envelope solutions to position it for continued growth
- A milestone in the transformation of LafargeHolcim to become the global leader in innovative and sustainable building materials and solutions
- Strengthening LafargeHolcim’s biggest market, the US, with annual sales to exceed USD 6bn
- Plans to expand in Europe and Latin America to become the global leader in flat roofing systems
- Sale to enable Bridgestone to strengthen investments in company’s tire business and fast-growing mobility solutions business
LafargeHolcim has signed an agreement to acquire Firestone Building Products (FSBP), a leader in commercial roofing and building envelope solutions based in the United States (US), with 2020 (est.) net sales of USD 1.8 billion and EBITDA of USD 270 million. This acquisition is a milestone in LafargeHolcim’s transformation to become the global leader in innovative and sustainable building solutions.
This transaction is valued at USD 3.4 billion, to be financed with cash and debt while maintaining net debt below 2x. Synergies of USD 110 million per year are expected on a run-rate basis within two years of closing, which is expected in the second quarter. The acquisition is earnings per share (EPS) accretive from the first year.
Jan Jenisch, LafargeHolcim CEO: “I am excited to be entering the highly attractive roofing business. With Firestone Building Products we are strengthening our biggest market, the US, while also building a global growth and innovation platform for the company. Today’s milestone is a strategic leap on our journey to become the global leader in innovative and sustainable building solutions, to build a world that works for people and the planet. I have great respect for the high-caliber leadership and expertise of the Firestone Building Products’ team and look forward to welcoming them into the LafargeHolcim family.”
Paolo Ferrari, Bridgestone Americas President, CEO & COO: “This transaction will create new growth opportunities for Firestone Building Products and allow Bridgestone to focus its resources to further invest in the company’s tire business and rapidly growing mobility solutions business. Like Bridgestone, LafargeHolcim is a global company with a strong financial position and thriving culture. We know they will take great care of our Firestone Building Products employees and customers, and ensure the business enjoys growth and success for many years to come.”
Taylor Cole, Firestone Building Products President: “Today is a big moment for the Firestone Building Products team as we look forward to becoming part of the global leader in building materials and solutions. Together, we are in a prime position to accelerate our growth by combining Firestone Building Products’ advanced technologies and know-how with LafargeHolcim’s global scale and reach.”
Founded in 1980, Firestone Building Products (FSBP) is a business unit of Bridgestone Americas and part of Tokyo-based Bridgestone Corporation, a global leader providing tires and sustainable mobility solutions that create social and customer value. The acquisition of FSBP will strengthen LafargeHolcim’s biggest market, the US, establishing a new growth profile, reaching USD 6 billion in annual net sales. Building on FSBP’s strong organic growth, LafargeHolcim expects to accelerate its leadership through cross-selling opportunities and further bolt-on acquisitions. LafargeHolcim also aims to swiftly globalize the business, leveraging its European and Latin American footprint.
Urbanization trends are accelerating the development of the flat roof market, currently estimated at around USD 50 billion globally. By entering this attractive new business, LafargeHolcim will deliver above-market growth, driven by innovative technologies and branding. It will also benefit from FSBP’s position in the high-growth repair and refurbishment segment, accounting for the majority of its sales today.
With up to 60% of buildings’ energy lost through roofs, FSBP plays an instrumental role in mitigating this process with its industry-leading technologies, including cool roofs, insulation and waterproofing systems. In addition, its green roofs contribute to more sustainable urban environments. These technologies complement LafargeHolcim’s sustainable building solutions, from its ECOPact green concrete to its EcoLabel range, accelerating the company’s net zero commitment. With this acquisition LafargeHolcim will add 15 manufacturing facilities, 1,800 distribution points, and three R&D laboratories to its network. Upon completion of the sale, FSBP will continue to be headquartered in Nashville, Tennessee, and all 1,900 FSBP employees will transition to LafargeHolcim.
https://www.bridgestoneamericas.com/en/newsroom/press-releases/2021/lafargeholcim-acquires-fsbp
Everchem Updates Archive 
Sign Up for Email Updates