Alantra Private Equity agrees to the sale of thermoplastic edgeband manufacturer Probos to industrial buyer Surteco SE
Date 26 June 2017
Type Alternative Asset Management
Alantra Private Equity and Probos management team have agreed to the sale of 100% of the Probos Group to Surteco SE in a transaction valued (Enterprise Value) at €99 million. The purchase contract is schedule for closing in the coming weeks
The success of the transaction is underpinned by the excellent quality of Probos’s management team, the company international presence and sales diversification and the value created through operational improvements
The industrial buyer is Surteco SE, a German quoted company (ticker SURG). Surteco is one of the world leading manufacturers of decorative surface materials and producer of technical extrusions based on plastics which at 31 December 2016 generated €639.8 million of sales and €74.3 million of Ebitda and had a headcount of 2,800
Madrid– Alantra Private Equity today announced an agreement to sell its entire equity interest in Probos Group, together with Probos management team, to Surteco SE for an enterprise value of €99 million.
Probos Group is the third largest global manufacturer of thermoplastic edgeband solutions, primarily PVC and ABS plastic edgebandings. The headquarters of the Probos Group are located in Porto, Portugal, and it has a workforce of around 470 employees.
In 2016, the company generated sales of €66.5 million. The company exports around 90% of its sales and has active sales in more than 50 countries. In particular, it enjoys a strong international presence in emerging markets with plants in Portugal and Brazil and direct sales exposure in UK, Germany, the US and Mexico.
The purchase contract is scheduled for closure in the coming weeks and it is neither subject to any condition precedent nor antitrust approval.
The industrial buyer of Probos Group is Surteco SE. Quoted in the German Stock Exchanges, Surteco is one of the world leading manufacturers of decorative surface materials and producer of technical extrusions based on plastics, which at 31 December 2016 generated €639.8 million of sales and €74.3 million of Ebitda, and had a headcount of 2,800.
In the words of Ms. Conceição Gomez, CEO of Probos: “Over the past four years we have been on an exciting journey with the valuable support of Alantra in management reinforcements, pushing for operational improvements and fostering international growth. We are now delighted to join forces with Surteco and continue to develop our business”.
Dr. Herbert Müller, Chairman of the Board of Management of SURTECO SE, commented on the acquisition: “The acquisition of Probos constitutes a further milestone for us. The company is highly profitable with a record of strong growth. Probos has an established market presence in South and Central America and opens up great potential in markets where we have hardly been represented up to now”.
According to Gonzalo de Rivera, CEO of Alantra Private Equity: “Probos has continued to strengthen its market leading position while accelerating business growth. This development exemplifies Alantra industrial and international growth-focused approach, aimed at supporting excellent management teams in making very good companies even better. The journey continues for Probos and we look forward to seeing Probos continue to develop now as a part of Surteco”.
BBVA and Cuatrecasas acted as financial and legal advisors to Alantra.