Syntagma Capital enters into exclusive negotiations to carve out a significant share of Imerys’ business serving the paper markets for an enterprise value of 390 million euros

BRUSSELS–(BUSINESS WIRE)–Syntagma Capital announces today that it has entered into exclusive negotiations to acquire certain assets of Imerys producing kaolin, ground calcium carbonate (“GCC”), precipitated calcium carbonate (“PCC”) and talc mainly paper, as well as the pulp, cardboard, packaging, ceramics and building markets for an enterprise value of €390 million including an earn-out based on the future performance of the ‘activity. These activities are operated by approximately 950 employees in 24 factories, 7 distribution terminals and 2 R&D centers in Europe, America and Asia. In total, these activities represented approximately €400 million in revenue in 2021.

The proposed transaction, which is subject to satisfaction of customary closing conditions, including disclosure and consultation of works councils and other regulatory approvals, is expected to close by the end of the first half of 2023.

“Syntagma is excited about the opportunity to invest in the company, a global leader serving critical customer needs across a wide range of end markets. This Activity has been at the heart of Imerys for many years and we appreciate Imerys’ confidence in our ability to drive the Activity forward and deliver a timely transaction for all stakeholders. Syntagma looks forward to continuing the close collaboration with Imerys, which will remain a long-term partner, to develop the business as a successful stand-alone company. This transaction reflects Syntagma’s strategy of acquiring businesses that will benefit from new ownership to drive the next area of ​​growth,” said Syntagma Managing Partner Sébastien Kiekert Le Moult. “Our extensive carve-out expertise and our ability to handle complex situations confirms that Syntagma is the preferred partner for large corporations in complex, cross-border carve-out transactions.”

Alessandro Dazza, CEO of Imerys, said: “In Syntagma, we have found a partner who shares Imerys’ values ​​and passion for providing mineral solutions responsibly. We are confident that our employees, customers and the business as a whole will prosper and grow under new ownership. I would like to thank the management, operations and function teams for their exceptional work in building this company over the years. I know they will continue to deliver great results in the future as well.

“The Syntagma team has extensive experience in investing and managing complex, global industrial and material businesses. The business is an excellent platform with significant growth opportunities,” said Syntagma Partner Frank Coenen. “We plan to leverage the company’s global presence, strong customer relationships, R&D and technical capabilities to accelerate its growth, both organically and through targeted investments in mergers and acquisitions in key product areas and geographies. We are delighted to invest in the company and look forward to working with the company’s management team, employees, customers and suppliers. »

The Syntagma team involved in the transaction included Sebastien Kiekert Le Moult (Managing Partner), Frank Coenen (Partner), Benjamin Dahan (Partner), Fabio Yamasaki (Vice President), Ludovic Ruffenach (Senior Associate) and Gabriele Lo Monaco (Associate ).

About Syntagma Capital

Syntagma invests in companies that can benefit from hands-on operational expertise to accelerate growth and improve performance for all stakeholders. We are true operators with experience working and managing businesses globally, leveraging our internal resources to develop successful strategies, execute them to realize their full potential and create long-term sustainable value. Syntagma invests in and operates businesses in a wide range of industries with a particular focus on the materials, chemicals, industrials and business services markets, including manufacturing, distribution, transportation and logistics , equipment rental, metal services and other industries. Syntagma is committed to high ESG standards in all its investments and is based in Brussels, Belgium. For more information, please visit: https://syntagmacapital.com

About Imerys

As the world’s leading supplier of specialty mineral solutions for industry, with sales of €4.4 billion and 17,000 employees in 2021, Imerys offers high value-added functional solutions to a large number of sectors, from industries processing to consumer goods. The Group relies on its understanding of applications, its technological knowledge and its expertise in materials science to provide solutions by exploiting its mineral resources, its synthetic minerals and its formulations. Imerys solutions provide properties essential to customers’ products and their performance, including heat resistance, hardness, conductivity, opacity, durability, purity, lightness, filtration, absorption and water repellency. Imerys is determined to develop responsibly, in particular by promoting the emergence of products and processes that respect the environment. www.imerys.com

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