|
Monitor Clipper Partners Completes Sale of Technal
01/25/02 - Monitor Clipper Partners has reached a final agreement
with Norsk Hydro for the sale of Technal SA, a major European player
in the aluminium building systems sector, based in Toulouse, France.
This finalizes the deal announced on October 30, 2001, which was
subject to regulatory approval.
Technal designs, manufactures and markets a broad range of building
systems which are used in the fabrication of doors, windows, facades
and conservatories. Technal is the market leader in France and has
a strong presence in Spain, Portugal and the UK.
MCP had acquired Technal in July 1999 from Alcan Aluminum of Canada
and implemented a growth-focused strategy immediately after the
acquisition. During MCP's ownership of Technal, revenues grew by
33% to reach Euro 275 million in 2001, and EBITDA grew by 74% to
Euro 21m.
Norsk Hydro is a Norwegian company focusing on oil & gas, aluminum
and agricultural products. It had revenues of Euro 20 billion in
2000 and has 38,000 employees (www.hydro.com,
NYSE ticker: NHY).
With this acquisition Norsk Hydro's building systems division will
be the world leader in building systems based on aluminium extrusions,
with over 3200 employees and operations in more than 20 countries.
"Technal was MCP's first investment in Europe and has turned
out to be a great success for us. This experience has certainly
encouraged us to pursue similar investment opportunities in Europe,
and particularly in France, in the future" says Bill Young,
Managing Director of Monitor Clipper Partners.
Patrick Tanguy, Chief Executive Officer of Technal, states: "Technal
and its employees have enjoyed an excellent relationship with MCP
as its shareholder. The company has significantly benefitted from
MCP's strategic input over the last few years and is well positioned
to take advantage of new market opportunities. We are now pleased
to join Hydro Building Systems. We believe that combining the strengths
of both companies will accelerate the development of our global
presence."
"With the acquisition of Technal we will not only be by far
the biggest player within aluminium building systems in France and
a leading one in the rest of Europe, but also have a strong position
for further growth, especially outside Europe," says Jan Fredrik
Meling, Executive Vice President of Hydro Aluminium Extrusion and
head of Hydro Building Systems.
For more information, please contact:
Bill Young MCP Cambridge +1 617 252 2200
Oliver Markl MCP London +44 20 7838 6714
|
