Acquisition of the company FGinox
On September 25, 2017, Thermador Groupe completed the acquisition of 100% of the shares in FGinox, based in Brignais (Rhône) and Corbas (Rhône) in a €22.9m cash purchase. For the acquisition, Thermador Groupe took out two 5-year bank loans, with CM CIC and Société Générale.
FG Inox sells a wide range of connectors, flanges, valves and accessories in stainless steel that will serve as a perfect complement to the industrial sanitation portfolio of Thermador Groupe. FG Inox reported turnover of €14.6m in 2016, a large percentage of which in exports, EBITDA of €2.08m and a net profit of €1.34m. Its debt on December 31, 2016 was €0.3m.
Thus, the French and international business in industrial valves for Sferaco, Sectoriel, Thermador International, Sodeco Valves and FGinox will, as of 2018, account for almost 30% of Thermador Groupe's consolidated turnover, helping to substantially reduce the risks linked to the cyclical nature of the construction market.
Thermador Groupe's consolidated turnover in Europe and Africa will also receive a boost in 2018, to around 16% of total turnover, compared to the 8% reported for the first half of 2017.
Philippe Bernardet, 59, will remain CEO at FGinox, a role he has occupied for 8 years. He will immediately be joining Thermador Groupe's industrial valve team of specialists to make an effective contribution to growth targets and rapidly implementing sales, purchasing, logistics and organisational synergies.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: THERMADOR GROUPE via Globenewswire
