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Monitor Clipper Partners Announces First European Transaction
7/12/99 - Monitor Clipper Partners today announce that they have
bought Technal, the French subsidiary of Alcan. This complex, cross
border transaction involves Technal and their operations across
four European countries. This is Monitor Clipper Partners first
European acquisition; they now intend to proactively pursue further
opportunities in the European market over the coming months.
Monitor Clipper Partners is based both in London and in Boston,
Massachusetts, and was founded by a group of professionals from
Monitor Company Inc., a fast-growing international management consultancy
and also from The Clipper Group, a private equity firm previously
based in New York. Monitor Clipper Partners expects that Monitor
Company will be a major source of investment ideas and will provide
support to develop growth strategies for acquired companies.
The Monitor Clipper Partners fund closed in June 1998 with a total
of $625 million. This fund will now be invested on a leveraged basis
in companies whose value can be enhanced through a combination a
financial and strategic resources. Monitor Clipper Partners will
apply its wide ranging managerial, financial, and strategic and
business consulting expertise and resources to assist management
teams to build the value of the companies which Monitor Clipper
Partners invests in.
Technal is the French market leader in the design and manufacturing
of aluminum building systems and has operations in France, Spain,
Portugal and the UK. Technal has sales of FF 1.4 billion and approximately
1,400 employees. The company will continue to operate from its headquarters
in Toulouse.
The acquisition provides Monitor Clipper Partners with the opportunity
to support the management’s plans to develop the company and
they believe that Technal is well positioned to grow substantially.
Commenting on the transaction, Bill Young, Managing Director of
Monitor Clipper Partners said: “We are delighted to have reached
this agreement with Alcan to acquire Technal. This acquisition is
our first in Europe and is indicative of our strategy to acquire
businesses with market leading positions that we believe can benefit
from our support. We will now be looking to pursue further opportunities
in the European market in the near future.”
Commenting on the transaction, Gerard de Saint Remy, Chief Executive
of Technal said: “We are very much looking forward to working
with Monitor Clipper Partners, this will provide a strong platform
from which to pursue further growth for Technal.”
For further information contact:
Bill Young or Oliver Markl at 207-838-6800, both of Monitor Clipper
Partners; or
Jonathan Glass or Katie Hall at 207-404-5959, both of Brunswick
for Monitor Clipper Partners
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