skip to main content

Kingspan set to buy Spain's Synthesia group for €250m

Kingspan announces deal for Spain's Synthesia group
Kingspan announces deal for Spain's Synthesia group

Building materials group Kingspan said it has invested €620m on ten acquisitions so far this year.

These include three new deals announced today and the previously announced acquisitions of Isoeste in Brazil and CPI in the US.

The largest of today's new deals is the proposed acquisition of 100% of Spain's Synthesia group, which consists of three operating businesses - Synthesia International, Poliuretanos and Huurre. 

The group reported revenues of €275m and EBITDA of €33m for 2016 and Kingspan is paying €250m, inclusive of debt, for the business.

Kingspan said the company will give it a leading position in both insulated panels and insulation boards on the Iberian Peninsula and will strengthen its emerging insulated panels presence in Central and South America. 

The deal is conditional on regulatory clearance, and is expected to complete during the first quarter of 2018. 

The Co-Cavan based company also said it has agreed to buy Balex Metal, a Polish based manufacturer of Insulated Panels and Insulation Boards with revenues of €160m for last year across five manufacturing sites. 

The Balex acquisition is also conditional on regulatory clearance, and is expected to complete towards the end of the first quarter of next year.

Kingspan has also recently completed the acquisition of the Brakel Group, a Dutch based company in the light and air sector with manufacturing sites in the Netherlands, Belgium and Slovakia with 2016 revenues of €68m.