Sika: to takeover French group Parex for E2.2bn

(CercleFinance.com) - Alongside the announcement of its annual sales this morning, Sika the Swiss specialty chemical company for building and motor vehicle supplies announced a major potential acquisition of the French mortar specialist, Parex, for an enterprise value equivalent to 2.
2 billion euros.

The Swiss group has filed a binding offer with the current owner of Parex, the US investment fund CVC, and intends to finance the deal by debt.

Parex has annual sales of over one billion euros (1.2 billion Swiss francs) and an EBITDA margin, that Sika describes as "attractive," of 16%. Sika's Mortar division should therefore more than double in size, with revenues reaching 2.3 billion Swiss francs.


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