Kingspan has signed an exclusive put option agreement to acquire French global provider of roofing membranes and associated solutions Ondura Group from Naxicap Capital Partners and others.
Ondura, comprising Onduline SAS, Alwitra Holding, CB SA and its subsidiaries, has 14 manufacturing sites and a distribution network in 100 countries worldwide.
The total consideration for the businesses will be €550 million (debt free, cash free) and signing of the share purchase agreement is subject to standard French employee procedure and the customary regulatory clearances, and is expected to complete in the second half of 2022. The move is expected to increase Kingspan Group’s EBITDA by approximately 7% on a full year basis.
The existing Ondura management teams will be retained in the businesses.
>>Read more about Kingspan here.
