BEWi Group AB, formed in 2014, is a leading full-line supplier in the Nordic countries of particle foam products. BEWi has finalized a conditional agreement with funds managed by Gilde Buy Out Partners and its co-investors to acquire Synbra Holding B.V.
Synbra, a specialist in particle foam and specialty foams for industrial products and solutions and sustainable insulation systems, has operations in Northern Europe and Portugal. The combined Group comprising of BEWi and Synbra would make a leading European provider of value-adding particle foam products having strong potential for accelerated growth. The agreement is based on the condition that BEWi along with funds managed by Gilde Buy Out Partners and its co-investors will acquire Synbra Holding B.V.
The purchase price will be a cash consideration of EUR 117.5 million (approximately SEK 1,165 million) on a cash and debt-free basis. BEWi plans to finance the acquisition by own cash, a directed share issue, and a bond issuance. Closing is expected in the first half of 2018, subject to customary conditions and regulatory approval. The Synbra acquisition would contribute to a balanced and attractive customer portfolio, modern production facilities and highly committed staff. Synbra operates 10 strategically located production facilities in the Netherlands, Denmark, and Portugal.
Christian Bekken, President and CEO BEWi, said, “Synbra’s European focus will fit very well with BEWi’s existing operations in the Nordic countries. We look forward to warmly welcoming all Synbra colleagues to BEWi and jointly further develop our business in Europe and to working together with its management, staff, and distributors to further strengthen our joint market position. Synbra would enable us to provide customers with a broader product and service offering according to best industry practices”.