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German Plastics Firm Surteco Acquires Portugal's Probos Group
Jun 26, 2017 (M&A Navigator via COMTEX) -- (C)2017 M2 COMMUNICATIONS

26 June 2017 - German plastic extrusions maker Surteco SE has agreed to buy Portugal-based plastic edgebandings manufacturer Probos Group for EUR 99m (USD 111m) in cash, the company said. This transaction involves the Surteco subsidiary company Dollken-Kunststoffverarbeitung GmbH in acquiring 100% of the shares in Global Abassi S.L., the Spanish parent company of the Probos Group. Surteco said the purchase contract scheduled for closure in the coming weeks is neither subject to any condition precedent nor antitrust approval. The sellers are Alantra Private Equity, the PE division of global investment banking and asset-management firm Alantra and to a lesser extent the Probos management. Probos Group is headquartered in Porto, Portugal. The group has a workforce of around 470 employees and it has specialised primarily in the production of PVC and ABS plastic edgebandings. Surteco is expanding its regional presence by acquiring assembly sites in Brazil and Portugal, and sales and processing locations in Germany, the USA, Mexico and the United Kingdom. This is particularly true for the strategically important markets in South and Central America where the company has been underrepresented up until now. In future, Surteco will have increased opportunities to promote its own products in these markets. Probos also enhances the Group's product competence as a provider of PVC edgebandings. Following the acquisition of the British Nenplas Group in December 2016, another profitable and thoroughly sound company has been acquired with Probos. In the business year 2016, Probos generated an EBITDA of EUR 11m with sales of EUR 66.5m. This is equivalent to a margin of EUR 16.6%. During the course of the last business year, Surteco generated sales of EUR 639.8m and EBITDA of EUR 74.3m (EBITDA margin: 11.6 %). The purchase price of EUR 99m will be financed with outside borrowings where the company is benefiting from the current favourable interest-rate environment. After this takeover, Surteco continues to be fully financed with a very sound balance sheet. After the 1st quarter of 2017, the group reported an equity ratio of 51.1% and a level of debt (ratio of equity to net financial debt) of 36%. Surteco is a specialist in surface technologies. Its product portfolio includes papers printed with decorative designs, impregnated products, release papers, decorative flat foils and edgebandings based on specialist papers for technical applications and plastics. Country: Portugal Sector: Machinery/Engineering Target: Probos Group Buyer: Surteco SE Vendor: Deal size in USD: 111m Type: Corporate Acquisition Financing: Cash Status: Agreed Buyer advisor: , , Comment:

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