Gilde Buyout Exits Foam Products Producer Synbra
BEWi Group AB (“BEWi”) has announced that it has submitted a binding offer to acquire Synbra Holding B.V. (“Synbra”), a leading manufacturer of particle foam products for thermal (building and construction) and technical (HVAC, protective, automotive and food) industries, from a consortium led by Gilde Buy Out Partners (“Gilde”).
The combination with BEWi would create a European particle foam specialist with strong positions in numerous countries. The relevant works councils and other employee representative bodies will be consulted prior to formal agreement. Parties have agreed not to disclose the terms of the conditional agreement. Completion of the transaction is anticipated to take place in the first half of (subject to completion of the relevant works council procedures in accordance with relevant legislation).
Rik Dobbelaere, CEO of Synbra, explains: “With Gilde as a partner we have been able to build a European platform with a pure-play particle foam strategy based on innovation and operational excellence. We developed into an innovation leader in the industry and have become a leading player in our chosen geographies. We are very pleased with BEWi as our new business partner and believe both companies would fit very well, both culturally and strategically. There is a strong geographical and business complementarity, creating exciting new growth opportunities. We look forward to embark upon on this industrial project together and believe a great future lies ahead for all stakeholders involved.”
Christiaan Bekken, CEO of BEWi, added: “We are pleased to bring in the knowledge and expertise of the Synbra team and are impressed by the innovation level of the Company. Synbra has an excellent position in markets complementary to those of BEWi. The contemplated combination of BEWi and Synbra creates a leading particle foam specialist in Europe, well balanced between upstream and downstream. We believe both companies fit very well culturally and look forward to our future together.”
Lincoln International and Rabobank acted as Financial Advisors to the sellers. Loyens & Loeff acted as Legal Advisor to the sellers.
Synbra is pure-play developer and manufacturer of particle foam products made of expanded polystyrene (“EPS”), expanded polypropylene (“EPP”) and expanded poly-lactic acid (“EPLA”). Through a vertically integrated business model, Synbra offers upstream particle foam production and downstream conversion into blockformed and cut or shape moulded products for the thermal and technical insulation markets. Founded in 1957, Synbra has established itself as a key player in its chosen geographies by leveraging continuous product innovation, operational excellence and M&A. Headquartered in Etten-Leur, the Netherlands, Synbra operates 14 strategically located production facilities in the Netherlands, Germany, Denmark and Portugal, and employs a workforce of circa 900 FTE.
Source: Gilde Buy Out Partners press release