Saint-Gobain today announces having entered into an agreement to acquire Chryso, a leading global player in the construction chemicals market providing differentiated and innovative solutions, from funds advised by Cinven, the international private equity firm. Chryso provides comprehensive additives solutions for sustainable construction, relying on innovative chemistry, formulation expertise, and knowledge of construction materials. The company employs about 1,300 employees and generated over the last twelve months revenues above €400 million and an EBITDA of €85 million.
The acquisition of Chryso perfectly fits within Saint-Gobain’s strategic vision of worldwide leadership for sustainable construction. It will further expand the Group’s presence in the growing construction chemicals market with combined sales of more than €3 billion across 66 countries.
The enterprise value of €1,020 million represents a multiple of 12.0x Chryso’s last twelve months EBITDA of €85 million and a multiple of 7.6x post run-rate synergies of €50 million in year 5. Saint-Gobain will fully finance the acquisition using the proceeds from divestments made by the Group.
Key strategic benefits of this transaction for Saint-Gobain include:
Thierry Bernard, Chief Executive Officer of Chryso, commented:
“We are very enthusiastic to join Saint-Gobain and to build the next chapter of Chryso’s growth story together. This represents a great recognition for all the accomplishments of Chryso’s team over the past years. Saint-Gobain is the ideal strategic partner with a worldwide presence in the construction chemicals market and a large portfolio of solutions, with R&D and innovation capabilities and operational excellence that will allow Chryso to accelerate its development and ensure its continued success.”
Pierre-André de Chalendar, Chairman and Chief Executive Officer of Saint-Gobain, and Benoit Bazin, Chief Operating Officer, commented:
“The acquisition of Chryso is a unique growth platform opportunity for Saint-Gobain to further develop our already strong presence in the growing construction chemicals market. It is fully in line with our ESG* strategy of providing a sustainable and performance driven value proposition to our customers. We are impressed with Chryso’s profitable growth track-record over the past years and we are very much looking forward to welcoming Thierry Bernard and his team within our Group. We are confident that together we can accelerate growth and leverage our combined know-how and international capabilities to offer innovative solutions for our customers and drive sustainable and profitable growth to create value for our shareholders.”
Following completion of the information and consultation procedure with the employees’ representative bodies, and subject to the approval of the relevant competition authorities, this acquisition is expected to be finalized in the second half 2021.
Lazard is acting as financial advisor, and Gide Loyrette Nouel is acting as legal counsel to Saint-Gobain in connection with the transaction.
* ESG: Environment, Social, Governance
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