Kingspan Group PLC Acquisition (0989T)
March 23 2021 - 02:00AM
UK Regulatory
TIDMKGP
RNS Number : 0989T
Kingspan Group PLC
23 March 2021
Kingspan Group plc
Acquisition
23 March 2021
Kingspan Group plc ("Kingspan") announces the acquisition of
Logstor
Kingspan, the global leader in high performance insulation and
building envelopes, is pleased to announce that it has entered into
an agreement with Langley Co-Invest S.à r.l. (part of the Triton
Fund III), to acquire 100% of the shares of Logstor International
Holding S.à r.l., the holding company of the Logstor Group
("Logstor").
Logstor is a leading global supplier of technical insulation
solutions encompassing complete pre-insulated pipe systems for
District Energy and associated applications. Logstor's primary
markets are in Scandinavia, Germany, Netherlands, Poland and
France, but it also operates in other European countries as well as
North America, and the Middle East. It has seven manufacturing
facilities situate in Denmark, Finland, Poland and Sweden, and
employs around 1,100 people in 14 different countries.
The consideration for the business will be DKK1,885m (approx.
EUR253m) inclusive of debt which will vary depending on the
specific amount of working capital and debt on completion. The
consideration is payable in full on completion. In the 12 months to
31 December 2020 Logstor had audited revenues of DKK1,817m
(EUR244m) and Trading Profit of DKK210m (EUR28m). As at 31 December
2020, Logstor had gross assets of DKK1,392m (EUR187m), and on
completion net assets excluding intangibles and goodwill are
expected to be DKK543m (EUR73m). The acquisition is expected to
enhance Kingspan's earnings on an annualised basis by circa 9 cent
per share.
The existing management team will be retained in the business,
and will continue to manage and develop the business under the
Logstor brand. The acquisition is conditional on regulatory
clearance, and is expected to complete around the middle of the
year. The acquisition will be fully funded from Kingspan's existing
credit facilities.
Gene Murtagh, Kingspan Chief Executive Officer, commented:
"The acquisition of Logstor marks an important step for
Kingspan, as part of our strategy to develop our technical
insulation proposition as a complementary business to core building
insulation. Logstor is a great company with a dedicated workforce
and superior products in an industry that will see strong growth in
the years to come. We are looking forward to supporting its
ambitious journey ahead."
For further information contact:
Kingspan
Gene Murtagh/Geoff Doherty +353 42 9698000
Murray Consultants
Douglas Keatinge +353 1 4980300
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQEAPDAAFAFEFA
(END) Dow Jones Newswires
March 23, 2021 03:00 ET (07:00 GMT)
Kingspan (LSE:KGP)
Historical Stock Chart
From Feb 2024 to Mar 2024
Kingspan (LSE:KGP)
Historical Stock Chart
From Mar 2023 to Mar 2024