Syntagma Capital Enters Into Exclusive Negotiations to Carve out a Significant Part of Imerys’ Business Serving the Paper Markets for an Enterprise Value of €390m

Syntagma Capital today announces that it has entered into exclusive negotiations to acquire certain assets of Imerys producing kaolin, ground calcium carbonate (“GCC”), precipitated calcium carbonate (“PCC”) and talc primarily serving the paper, as well as pulp, board, packaging, ceramics and building markets for an enterprise value of €390m including an earn-out based on the future performance of the business. These activities are operated by approximately 950 employees in 24 plants, 7 distribution terminals, and 2 R&D centers in Europe, the Americas and Asia. In total, these activities represented approximately €400m in sales in 2021. 

The proposed transaction, which is subject to the fulfillment of customary closing conditions, including the information and consultation of works councils and other regulatory approvals, is expected to be completed by the end of the first half of 2023.

“Syntagma is excited by the opportunity to invest in the Business, a global leader that serves critical needs of customers across a broad range of end-markets. This Business has been a core part of Imerys for many years and we appreciate Imerys’ confidence in our capacity to steer the Business forward and deliver a transaction that is opportune for all stakeholders. Syntagma looks forward to continuing the close collaboration with Imerys, which will remain a long-term partner, to grow the Business as a successful standalone company. This transaction reflects Syntagma’s strategy to acquire businesses that will benefit from a new owner to drive the next area of growth” said Syntagma Managing Partner Sebastien Kiekert Le Moult. “Our extensive carve-out expertise and ability to manage complex situations confirm Syntagma as a preferred partner for large corporations in complex, cross border carve-out transactions.”

Alessandro Dazza, CEO of Imerys, said: “In Syntagma, we have found a partner that shares Imerys’ values and passion for delivering mineral solutions in a responsible way. We are confident that our employees, customers, and the business overall will flourish and develop under the new ownership. I would like to thank the teams in management, operations and functions for their outstanding work in building this business over the years. I know they will continue delivering excellent results also in the future.”

“Syntagma’s team has extensive experience investing in and managing complex and global industrials and material businesses. The business is an excellent platform with meaningful opportunities to grow” said Syntagma Partner Frank Coenen. “We expect to leverage the company’s global presence, strong customer relationships, R&D and technical capabilities to accelerate its growth, both organically and through targeted M&A investments in key product areas and geographies. We are excited to invest in the Business and we look forward to working with the company’s management team, employees, clients and suppliers.”

Syntagma’s team involved in the transaction included Sebastien Kiekert Le Moult (Managing Partner), Frank Coenen (Partner), Benjamin Dahan (Partner), Fabio Yamasaki (Vice President), Ludovic Ruffenach (Senior Associate) and Gabriele Lo Monaco (Associate).