Paris/Brussels, 30 October 2014
Sagard and Ergon announce that they have today completed the sale of Corialis to Advent International and the Corialis management team, which is reinvesting. The terms of the transaction have not been disclosed.
Sagard and Ergon led the January 2007 acquisition together with the management team, headed by Johan Verstrepen.
With revenues of approximately €350 million, Corialis is a leading European designer and manufacturer of extruded, coated and insulated aluminium profiles for both the new-build and renovation construction markets. Corialis profiles are primarily used in windows, doors and verandas. Headquartered in Lokeren, Belgium, Corialis operates a fully vertically integrated model from its main hubs in Belgium, the UK, France and Poland.
Frederic Stolar, the partner who led the transaction for Sagard commented « This transaction is exactly in line with Sagard’s investment philosophy and approach and we are very pleased with the successful partnership that we have established with Johan and his outstanding management team over the last seven and a half years. Over the life of this investment we have supported the investment of well over €100 million of capital expenditure, often in the face of difficult economic headwinds, enabling Corialis to develop a unique industrial footprint in this sector. The operational excellence of the management team in executing the complex investment programs in the UK and Poland, managing the production ramp up phases and then delivering an outstanding commercial performance, has been critical to the value created over our investment period. »
Wolfgang de Limburg, managing partner of Ergon, added « When we invested in Corialis, the Group was heavily dependent upon the Belgian and French markets. Today, Corialis is significantly more diverse geographically as a result of strong growth from the UK and Polish businesses. With a vertical integrated model now implemented across four main hubs, we are convinced that management is fully equipped to successfully bring Corialis, alongside its new shareholders, to its next stage of development. »
Johan Verstrepen, Corialis CEO, concluded « We chose Sagard and Ergon as our partners back in 2007 for the quality and industrial approach of their teams and the flexible investment horizons that they offered. They have delivered on both counts. They quickly bought into and embraced our strategy to roll-out our vertically integrated model across the UK and Polish markets and have been highly supportive shareholders over the duration of their investment.»
Sagard is a French investment fund that provides equity capital to support the development of mid-sized companies led by ambitious management teams. Created by the Desmarais family (Power Corporation of Canada) in 2003 together with a group of well entrenched industrial families, it manages close to EUR 2.0 billion in funds. Since 2004, Sagard and its team of 10 professionals based in Paris have carried out 23 LBO transactions in the industrial and service sectors in France, Belgium and Switzerland.
For more information, please visit www.sagard.com
Ergon is a mid-market private equity investment program backed by Groupe Bruxelles Lambert which manages EUR 775 million of committed capital. Ergon makes equity investments in leading companies with a sustainable competitive position in attractive niche markets located in the Benelux, Italy, Iberia, France, Germany and Switzerland. Since its inception in 2005, Ergon invested in 13 companies (of which 4 in the Benelux, 6 in Italy, 1 in France, 1 in Spain and 1 in Germany) and 18 add-on acquisitions for a total aggregate transaction value of EUR 2.6 billion.
For more information, visit www.ergoncapital.com
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