- Transforming SergeFerrari Group size with pro forma
consolidated 2019 revenues of €273 million 1
- Consolidating the Group's position in its strategic market
segments
- Strengthening the Group's position in Germany, Europe's
largest market, and accelerating its internationalization in the
Middle East, the United States and China
- Global refinancing of SergeFerrari Group in a tensed
economic environment
Regulatory News:
SergeFerrari Group (Paris:SEFER) (FR0011950682 - SEFER) designs,
manufactures and distributes innovative flexible composite
materials and is listed on Euronext Paris – Compartment C. The
Group today announces the acquisition of Verseidag-Indutex from
Jagenberg AG, for an undisclosed amount. It thus strengthens its
position as the world leader in flexible composite materials for
the Tensile Architecture and Modular Structures markets. With this
acquisition, the Group also becomes a key player in the field of
non-combustible solutions.
Sébastien Ferrari, SergeFerrari Group Chairman and CEO,
commented: “For SergeFerrari Group, the acquisition of
Verseidag-Indutex is a key and transforming step in its growth
momentum, and structuring in its international development as well
as in its innovation strategy. We are extremely proud of it, as the
acquisition of Verseidag-Indutex enables the Group to become the
undisputed global leader in two of our strategic market segments:
Tensile Architecture and Modular Structures. The acquisition of
Verseidag, an iconic brand and leading company recognized
worldwide, is completely in line with our selected acquisition
strategy, to strengthen our commercial, product and technological
bases.”
Acquisition by SergeFerrari Group from the Jagenberg Group of
a world-renowned company
The Serge Ferrari Group announces that it has concluded a final
agreement with the Jagenberg Group for the acquisition of
Verseidag-Indutex, thus strengthening its global positioning in the
fast-growing market of flexible composite materials.
Located in Krefeld, Germany, Verseidag-Indutex, world leader in
PTFE glass materials, operates on the markets of Tensile
Architecture and Modular Structures markets. Verseidag-Indutex also
operates in the sectors of Industrial, Biogas, Large Format Digital
Printing, Solar Protection for Building and Automotive
industry.
Verseidag-Indutex currently employs close to 250 people located
on its four industrial sites in and around Krefeld, and has sales
subsidiaries in four geographical areas: in Europe, including
Germany, which is the largest European market, in the United
States, the Middle East and Hong Kong. Verseidag-Indutex and the
acquired companies generated consolidated revenues of €72 million
in 2019.
As part of this acquisition and according to the terms of the
signed agreement, Mr. Jan Kleinewefers, main shareholder of
Jagenberg, will be co-opted to the Board of Directors of
SergeFerrari Group and Dr. Erich Br�ker, CEO of Jagenberg, will
become a member of the Strategic Committee of
Verseidag-Indutex.
Dr Erich Br�ker, CEO of Jagenberg AG, added: “Based on
the extensive investments during the last 10 years in the
development of technologies, innovative products and know-how, the
industrial logic of combining these two premium suppliers was that
convincing that we were prepared to sell our subsidiary
Verseidag-Indutex. The newly created Group of companies opens up
growth perspectives that neither of them could have achieved on
their own.”
Strengthening of SergeFerrari Group's position as world
leader in Tensile Architecture and Modular Structures markets, and
in the field of non-combustible solutions
This transforming acquisition enables SergeFerrari Group to
strengthen its international leadership and strategic positioning
within two of its four priority business segments. It is consistent
with its external growth strategy aimed at integrating
complementary companies in terms of sales networks, products and
technology on its priority business segments. It follows, in the
first half of 2020, the acquisition of a majority stake in the
capital structure of F.I.T. in Taiwan, a designer, manufacturer and
distributor of high-tech non-combustible materials, thus creating a
leading global player of non-combustible solutions.
This acquisition will allow to generate significant synergies in
the future, as the activities of SergeFerrari Group and
Verseidag-Indutex are highly complementary in terms of product
ranges, sales networks, marketing and manufacturing.
Verseidag-Indutex’s strong position in PTFE glass materials for
Tensile Architecture and Modular Structures in particular, in
combination with Serge Ferrari's unique proprietary Précontraint®
technology, will enable the Group to develop a very complete and
diversified commercial offer. In addition, the Verseidag-Indutex
product range will strengthen the Group's position in new segments
such as Large Format Digital Printing, Solar Protection for
Building and Automotive industry. The plan is to continue to
develop both the Verseidag brand and those of the SergeFerrari
Group, which already enjoy a high level of recognition.
Markus Simon, CEO of Verseidag-Indutex GmbH added: “The
product ranges and production-related synergies will provide us
with great advantages in the future. Furthermore, the unwavering
and long-standing commitment of the teams of both our companies to
continuously offer their customers innovative product solutions
with the highest quality standards fits together remarkably
well.”
Sébastien Baril, Marketing and Digital Transformation
Director of SergeFerrari Group, will have the responsibility of
the integration of the Verseidag-Indutex Group into the new Group
thus formed. He concluded: “This acquisition will strengthen the
Group's fundamentals. It also reinforces our position in the very
attractive market for innovative non-combustible solutions and
allows us to expand our product portfolio with, for example, larger
production widths or environmentally friendly coating techniques
that present great development potential. The highly complementary
nature of the product ranges, business expertise and geographical
footprint of our two companies is a definite step forward for the
Group.”
Financial terms of the acquisition
Under the terms of the operation, SergeFerrari Group acquired
100% of the shares of Verseidag-Indutex and of the companies
Verseidag Seemee US and Cubutex GmbH and 60% of DBDS Deutsche
Biogas Dachsysteme GmbH, in return for a cash payment in two
instalments (one at closing, the other in 2021), a payment in
SergeFerrari Group shares also in two instalments (one in 2021, the
other in 2022) and an earn-out to be paid in 2023, indexed to the
EBITDA growth.
Simultaneously, in order to finance its external growth
operations, the 2020-2022 investment and development program, and
to refinance its existing debt, SergeFerrari Group has entered into
credit agreements with its banks for €75 million, as well as
financing with Euro PP lenders (bond format) for €20 million, which
can be increased to €30 million. These financing lines will be
implemented progressively, depending on the needs.
Outlook for the new consolidated SergeFerrari Group
In 2019, the pro-forma consolidated revenues including F.I.T and
Verseidag-Indutex amounts to €273 million. Given the current
economic context linked to the health crisis, it is not possible to
comment at this stage the new Group's revenues estimates for 2020,
nor its profitability.
Financial Calendar
- Publication of H1 2020 results on
Wednesday, September 9, 2020, after market close
About SERGE FERRARI
Serge Ferrari Group designs, develops, and manufactures
innovative composite fabrics for lightweight architectural and
outdoor applications in a global market estimated by the company at
around €6 billion. The unique characteristics of these products
make them ideal for technical applications in three fields:
architecture, specialties for industry professionals, and composite
membranes for the consumer market. Its main competitive advantage
is based on the implementation of differentiating proprietary
technologies and know-how. The Group has four production sites in
Europe and one in Asia. Serge Ferrari operates in 80 countries
through subsidiaries and sales offices and through a network of
more than 100 independent distributors worldwide. Serge Ferrari
posted consolidated revenues of €189 million for 2019 of which 75%
was achieved outside France. The company SergeFerrari Group is
listed on Euronext Paris – Compartment C (ISIN code: FR0011950682).
The SergeFerrari Group share is eligible for PEA-SME and FCPI
Investment.
www.sergeferrari.com
About JAGENBERG
Jagenberg AG, part of the Kleinewefers Group and headquartered
in Krefeld, Germany, is a management holding company active in the
mechanical engineering and technical textiles sectors. In the 23
operating associated companies around 1,400 people in Europe, Asia
and the USA are currently employed.
www.jagenberg.com
About VERSEIDAG-INDUTEX
Verseidag-Indutex GmbH, based in Krefeld and with 100 years
heritage operates in the market of high-quality, coated fabrics in
the fields of Tensile Architecture, Modular Structures, Biogas,
Industry, fabrics for large-format digital printing, Solar
Protection for Building and Automotive industry. The company
employs close to 250 people, operates four industrial sites in and
around Krefeld (Germany) and has sales subsidiaries in the USA, in
the United-Kingdom, Hong Kong and the Middle East.
www.verseidag.de
1 Pro forma 2019 consolidated revenues including F.I.T. and
Verseidag-Indutex
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200729005713/en/
Serge Ferrari Philippe Brun Chief Financial
Officer investor@sergeferrari.com
NewCap Investor Relations Sandrine
Boussard-Gallien Louis Tilquin Tel.: +33(0) 1 44 71 94 94
sferrari@newcap.eu
NewCap Media Relations Nicolas Merigeau Tel.:
+33(0) 1 44 71 94 98 nmerigeau@newcap.fr
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