THERMADOR GROUPE : Acquisition of the company FGinox
September 25 2017 - 12:00PM
Acquisition
of the company FGinox
On September 25, 2017, Thermador
Groupe completed the acquisition of 100% of the shares in FGinox,
based in Brignais (Rhône) and Corbas (Rhône) in a €22.9m cash
purchase. For the acquisition, Thermador Groupe took out two 5-year
bank loans, with CM CIC and Société Générale.
FG Inox sells a wide range of
connectors, flanges, valves and accessories in stainless steel that
will serve as a perfect complement to the industrial sanitation
portfolio of Thermador Groupe. FG Inox reported turnover of €14.6m
in 2016, a large percentage of which in exports, EBITDA of €2.08m
and a net profit of €1.34m. Its debt on December 31, 2016 was
€0.3m.
Thus, the French and international
business in industrial valves for Sferaco, Sectoriel, Thermador
International, Sodeco Valves and FGinox will, as of 2018, account
for almost 30% of Thermador Groupe's consolidated turnover, helping
to substantially reduce the risks linked to the cyclical nature of
the construction market.
Thermador Groupe's consolidated turnover in Europe and Africa will
also receive a boost in 2018, to around 16% of total turnover,
compared to the 8% reported for the first half of 2017.
Philippe Bernardet, 59, will
remain CEO at FGinox, a role he has occupied for 8 years. He will
immediately be joining Thermador Groupe's industrial valve team of
specialists to make an effective contribution to growth targets and
rapidly implementing sales, purchasing, logistics and
organisational synergies.
thg-25092017
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: THERMADOR GROUPE via Globenewswire
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