Mergers & Acquisitions
November 30, 2020
PPG Acquires Ennis-Flint
PPG to acquire global coatings manufacturer Ennis-Flint for $1.15 bn
Transaction is expected to close within the next few months, subject to customary closing conditions
- By ICN Group | November 30, 2020
PPG today announced that it has reached a definitive agreement to acquire Ennis-Flint, a global manufacturer of coatings with a broad portfolio of pavement marking products, including paint, thermoplastics and other advanced traffic technologies. The transaction, valued at approximately $1.15 billion, is expected to close within the next few months, subject to customary closing conditions. “The acquisition of Ennis-Flint will further expand our product offering and opportunities in rapidly developing and high-growth mobility technology solutions,” said Michael McGarry, PPG chairman and chief executive officer. “The company is well known for its high-quality products, technical expertise and innovative systems. The addition of Ennis-Flint’s products further enhances our existing mobility technologies in support of increased automotive occupant safety through driver-assisted and autonomous driving systems. We look forward to the Ennis-Flint team joining PPG and working together to further expand the company’s product distribution on a global scale.” PPG formed a mobility focus team in 2017 to develop mobility technologies and innovative technical solutions that provide increased functionality and solve new and unique requirements for electric, hybrid and autonomous vehicles. Mobility-related products developed by PPG include battery-specific coatings that deliver enhanced safety and performance, autonomous vehicle coatings that improve vehicle and infrastructure visibility, and interior coatings that increase surface functionality and durability. Ennis-Flint, a privately held company headquartered in Greensboro, North Carolina, is a global leader in pavement markings and traffic safety solutions with the industry’s most comprehensive and innovative product offering. Products are developed according to strict government guidelines and customer specifications, many of which are proprietary to the company. A high percentage of its product sales are derived from non-discretionary, essential maintenance spending. Ennis-Flint supplies a wide range of products, including traffic paint, hot-applied and preformed thermoplastics, raised pavement markers and intelligent transportation systems from a network of manufacturing facilities within the United States, Europe, South America, and Asia. The company employs approximately 1,000 people globally and its full year of 2020 revenue is expected to be approximately $600 million, with mid-teen percentage EBITDA margins. “We are excited to join the global PPG family,” added Matt Soule, president and CEO of Ennis-Flint. “Our products and technologies are excellent complements to PPG’s current product offering, and the ability to leverage PPG’s world-class innovation and broad geographical footprint will provide more growth opportunities for our products and employees in the future.” PPG will provide additional details relating to the business acquisition, including acquisition-related financial impacts, during the company’s fourth quarter earnings conference call in January 2021.
November 30, 2020
PPG Acquires Ennis-Flint
PPG to acquire global coatings manufacturer Ennis-Flint for $1.15 bn
Transaction is expected to close within the next few months, subject to customary closing conditions
- By ICN Group | November 30, 2020
PPG today announced that it has reached a definitive agreement to acquire Ennis-Flint, a global manufacturer of coatings with a broad portfolio of pavement marking products, including paint, thermoplastics and other advanced traffic technologies. The transaction, valued at approximately $1.15 billion, is expected to close within the next few months, subject to customary closing conditions. “The acquisition of Ennis-Flint will further expand our product offering and opportunities in rapidly developing and high-growth mobility technology solutions,” said Michael McGarry, PPG chairman and chief executive officer. “The company is well known for its high-quality products, technical expertise and innovative systems. The addition of Ennis-Flint’s products further enhances our existing mobility technologies in support of increased automotive occupant safety through driver-assisted and autonomous driving systems. We look forward to the Ennis-Flint team joining PPG and working together to further expand the company’s product distribution on a global scale.” PPG formed a mobility focus team in 2017 to develop mobility technologies and innovative technical solutions that provide increased functionality and solve new and unique requirements for electric, hybrid and autonomous vehicles. Mobility-related products developed by PPG include battery-specific coatings that deliver enhanced safety and performance, autonomous vehicle coatings that improve vehicle and infrastructure visibility, and interior coatings that increase surface functionality and durability. Ennis-Flint, a privately held company headquartered in Greensboro, North Carolina, is a global leader in pavement markings and traffic safety solutions with the industry’s most comprehensive and innovative product offering. Products are developed according to strict government guidelines and customer specifications, many of which are proprietary to the company. A high percentage of its product sales are derived from non-discretionary, essential maintenance spending. Ennis-Flint supplies a wide range of products, including traffic paint, hot-applied and preformed thermoplastics, raised pavement markers and intelligent transportation systems from a network of manufacturing facilities within the United States, Europe, South America, and Asia. The company employs approximately 1,000 people globally and its full year of 2020 revenue is expected to be approximately $600 million, with mid-teen percentage EBITDA margins. “We are excited to join the global PPG family,” added Matt Soule, president and CEO of Ennis-Flint. “Our products and technologies are excellent complements to PPG’s current product offering, and the ability to leverage PPG’s world-class innovation and broad geographical footprint will provide more growth opportunities for our products and employees in the future.” PPG will provide additional details relating to the business acquisition, including acquisition-related financial impacts, during the company’s fourth quarter earnings conference call in January 2021.
November 10, 2020
Recticel to Acquire FoamPartner
Recticel realises a key step in its strategic transformation with the acquisition of FoamPartner
Regulated information, Brussels, 10/11/2020 — 06:55 CET, 10.11.2020
Recticel announces that it has entered into final agreements with Swiss-listed Conzzeta AG (SIX:CON) to acquire 100% of FoamPartner in cash for an enterprise value of CHF 270 million, CHF 20 million of the price being payable in January 2022. This represents an 8.6x average 2019A-2020F normalized EBITDA multiple. The transaction is subject to customary conditions precedent including antitrust approvals.
FoamPartner is a global provider of high value-added technical foam solutions in the Mobility, Industrial Specialties and Living & Care markets. There is significant complementarity and synergy upside with Recticel.
This acquisition is expected to :
- accelerate growth in high value-added activities focused on innovation;
- enable Recticel to strengthen its European and global presence in specialty foam solutions, specifically in the faster growing APAC and North American markets;
- be accretive to group margins before synergies, as of the first full year of consolidation;
- result in EUR 14 million of synergy upside by 2023, with a run-rate of EUR 10 million achieved by end of 2021.
The FoamPartner business will be merged with the Recticel Flexible Foams division to form the new Engineered Foams business segment.
Financing is secured by a syndicated acquisition facility which has been arranged and fully underwritten by KBC Bank and to which Belfius Bank and BNP Paribas Fortis confirmed their participation. The acquisition facility has a 3-year tenor with two 1-year extension options.
Closing of the transaction is expected to be completed in the first quarter of 2021.
Olivier Chapelle (CEO) states: “The acquisition of FoamPartner marks an important step in Recticel’s strategic portfolio reorientation. Following our divestment of Eurofoam in April, today’s announcement is evidence of our strategy to reallocate capital to higher growth and more profitable business opportunities. This transaction is a unique opportunity for Recticel to expand its product offering in technical and specialty foam solutions and to further increase our global reach in Asia and North-America. We look forward to welcoming our many new and highly skilled colleagues from FoamPartner. Looking ahead, this acquisition supports our ambition to become a global provider of engineered foam solutions and will create significant value for our customers, employees and all other stakeholders. In conjunction with today’s announcement, Recticel has launched a strategic review to evaluate the future of the Bedding business segment within Recticel, which progressively becomes a Group primarily focused on Insulation and Engineered Foams.”
November 10, 2020
Recticel to Acquire FoamPartner
Recticel realises a key step in its strategic transformation with the acquisition of FoamPartner
Regulated information, Brussels, 10/11/2020 — 06:55 CET, 10.11.2020
Recticel announces that it has entered into final agreements with Swiss-listed Conzzeta AG (SIX:CON) to acquire 100% of FoamPartner in cash for an enterprise value of CHF 270 million, CHF 20 million of the price being payable in January 2022. This represents an 8.6x average 2019A-2020F normalized EBITDA multiple. The transaction is subject to customary conditions precedent including antitrust approvals.
FoamPartner is a global provider of high value-added technical foam solutions in the Mobility, Industrial Specialties and Living & Care markets. There is significant complementarity and synergy upside with Recticel.
This acquisition is expected to :
- accelerate growth in high value-added activities focused on innovation;
- enable Recticel to strengthen its European and global presence in specialty foam solutions, specifically in the faster growing APAC and North American markets;
- be accretive to group margins before synergies, as of the first full year of consolidation;
- result in EUR 14 million of synergy upside by 2023, with a run-rate of EUR 10 million achieved by end of 2021.
The FoamPartner business will be merged with the Recticel Flexible Foams division to form the new Engineered Foams business segment.
Financing is secured by a syndicated acquisition facility which has been arranged and fully underwritten by KBC Bank and to which Belfius Bank and BNP Paribas Fortis confirmed their participation. The acquisition facility has a 3-year tenor with two 1-year extension options.
Closing of the transaction is expected to be completed in the first quarter of 2021.
Olivier Chapelle (CEO) states: “The acquisition of FoamPartner marks an important step in Recticel’s strategic portfolio reorientation. Following our divestment of Eurofoam in April, today’s announcement is evidence of our strategy to reallocate capital to higher growth and more profitable business opportunities. This transaction is a unique opportunity for Recticel to expand its product offering in technical and specialty foam solutions and to further increase our global reach in Asia and North-America. We look forward to welcoming our many new and highly skilled colleagues from FoamPartner. Looking ahead, this acquisition supports our ambition to become a global provider of engineered foam solutions and will create significant value for our customers, employees and all other stakeholders. In conjunction with today’s announcement, Recticel has launched a strategic review to evaluate the future of the Bedding business segment within Recticel, which progressively becomes a Group primarily focused on Insulation and Engineered Foams.”
October 28, 2020
Huntsman Sells Indian Adhesives Business
Huntsman sells India DIY consumer adhesives business in $285M deal
Oct. 28, 2020 4:21 PM ET|About: Huntsman Corporation (HUN)|By: Carl Surran, SA News Editor
Huntsman (NYSE:HUN) agrees to sell its India-based Do-It-Yourself consumer adhesives business, part of the Advanced Materials division, to Pidilite Industries for as much as $285M.
Under the deal terms, Huntsman will receive $257M in cash at closing and up to $28M under an earnout within 18 months if the business achieves sales revenue in-line with 2019.
“We have taken this business and built it from almost nothing to be a market leader in India,” Chairman, President and CEO Peter Huntsman says. “To take it to the next level of size and value, we simply do not have the footprint in India to do so.”
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