Luxembourg, 21 July 2016. Braas Monier today signed an agreement to acquire Ontop B.V., a well-established European manufacturer of stainless steel flue systems, with end-product applications ranging from industrial bakery ovens, diesel and gas engines, boilers, fire places and stoves. Ontop, headquartered in Middelburg, the Netherlands, serves the European market with one production location each in the Netherlands and Poland, a distribution centre in Germany and a sales office in France. With over 50 years of experience, Ontop strives for high quality standards, sophisticated logistic solutions, innovation power and high product composition flexibility. Its strategy to accelerate future growth is based on a clear differentiating proposition with a focus on quality instead of volume, and on new sustainable-energy markets.
The Enterprise Value (EV) of Ontop, determined on the basis of 2015 reported figures, amounts to EUR 15.2 million, including net debt of EUR 3.6 million and additional cost of approx. EUR 1 million related to the acquisition and the generation of the expected synergies.
For 2015, Ontop reported revenues of EUR 21.7 million and an Operating EBITDA of EUR 2.2 million. Including substantial synergies, which Management believes to achieve within the next three years, EV / EBITDA is expected to reach approx. 5x.
The acquisition is expected to close over the coming weeks.
"With the agreed acquisition of Ontop we further extend our European leadership position in Chimneys & Energy Systems. The envisaged acquisition complements our existing product mix and geographical footprint, which we believe will deliver sizeable synergies. Following the acquisition of JA Plast in January and of a concrete tile plant in South Africa in May, this is our third bolt-on acquisition this year and the seventh within the last 19 months. We believe that our disciplined M&A strategy supports our ability to generate profitable growth and to further increase the value of our business", says Pierre-Marie De Leener, CEO and Chairman of the Board of Directors of Braas Monier Building Group S.A.
About Braas Monier
Braas Monier Building Group is a leading manufacturer and supplier of pitched roof products in Europe, parts of Asia and South Africa. The Group covers all steps of the manufacturing process, offering a comprehensive range of concrete and clay tiles for pitched roofs and is one of the few suppliers to also manufacture and sell complementary roofing components designed to cover various functional aspects of pitched roof construction. The portfolio also includes ceramic and steel chimneys and energy system solutions. Braas Monier had operations in 36 countries and 118 production facilities and employed around 7,700 people as at 30 June 2016. The Company is headquartered in Luxembourg.
Director Group Communications / Investor Relations
Braas Monier Building Group