The Ondura group (Onduline, CB, Alwitra) is pleased to announce a new stage in its development: Kingspan, the global leader in high-performance insulation and building envelope solutions, has signed an exclusive put option agreement on friday 18th February 2022 to acquire the Ondura Group ('Ondura') from Naxicap Partners and others.
Ondura, comprising Onduline SAS, Alwitra Holding, CB SA and their subsidiaries, is a leading global provider of roofing membranes and associated roofing solutions headquartered in France, with 14 manufacturing sites and a distribution network in 100 countries worldwide. In the 12 months to 31 December 2021 Ondura had un-audited consolidated revenues of €424m with EBITDA of €63m, and Trading Profit of €55m. Gross assets as at 31 December 2020 were €387m.
The total consideration for the businesses will be €550m (debt free, cash free) payable in cash on completion. Signing of the share purchase agreement is subject to standard French employee procedure and the customary regulatory clearances, and is expected to complete in the second half of 2022. The existing Ondura management teams will be retained in the businesses.
The acquisition of Ondura is expected to increase Kingspan Group EBITDA by approximately 7% on a full year basis. The acquisition is fully aligned with Kingspan’s long stated strategy to develop multiple technologies in roofing applications and will serve as our global platform for advancing these solutions.
Patrick Destang, CEO of Ondura, states “This is excellent news for the Ondura group. Naxicap Partners has enabled us to create a very strong group. Kingspan will allow us to accelerate our growth and investment plans. Kingspan is particularly interested in developing its roofing services: we are uniquely positioned in this market sector, with branches in 32 countries. Kingspan and Ondura share the same CSR commitments and sustainability focus. Kingspan has an entrepreneurial and collaborative culture, with a strong focus on growth and continuous improvement, just like Ondura. On behalf of the whole management team, I would like to thank Naxicap Partners, which have supported our growth for five years and enabled the creation of Ondura, with the acquisition of Alwitra in Germany and CB in Poland. We wholeheartedly welcome this new stage in our development and are confident that, with Kingspan, we have the best possible platform for success.”
The international Ondura group specialises in waterproofing solutions for buildings and unites leading companies in their fields: Onduline (light roofing for pitched roofs), CB (protective screens for facades and under-roofing for pitched roofs) and Alwitra (high-quality waterproofing systems for flat roofs). It has 13 factories in France, Germany, Poland, Spain, Russia, the United States, Malaysia, Brazil and Turkey. It has a consolidated turnover of €424 million in more than 100 countries and employs about 2000 people of 34 different nationalities.