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Braas Monier signs agreement to acquire market leader in roof tiles in Spain and Portugal

Braas Monier Building Group S.A. / Key word(s): Acquisition

03.11.2014 / 08:59

BRAAS MONIER signs agreement to acquire market leader in roof tiles in Spain and Portugal

- Iberian markets with clear above-average revenues and earnings growth potential

- Existing export know-how opens further opportunities for the Group

- Components business offers sizeable Group synergies

Braas Monier signed an agreement with the Uralita Group to acquire Tejas Cobert (Spain) and CT Cobert Telhas (Portugal), market leader in the Iberian Peninsula for manufacturing and supplying clay and concrete roof tiles and fittings, on 31 October 2014. For 2013, Tejas Cobert and CT Cobert Telhas reported revenues of EUR 32.1 million and a slightly positive EBITDA. The total cash consideration amounts to EUR 26.5 million, including existing inter-company loans. The expected acquisition will completely be financed from existing cash on hand and is expected to be closed in early January 2015 at the latest.

"With the agreed acquisition of Tejas Cobert and CT Cobert Telhas we have set an important milestone to further strengthen our European business and to execute our plan to create value for our shareholders," says Pepyn Dinandt, CEO of Braas Monier Building Group S.A.. "In the medium term we expect a significant increase in the top and bottom line as the recovery in Spain and Portugal slowly takes hold."

The Iberian residential construction market is the fifth largest single market in Europe. After several years of strong declines, leading research institutes expect this market to stabilise in 2014 and to start growing again in the coming years. Besides the Iberian markets, Tejas Cobert and CT Cobert Telhas have generated significant growth via their well set-up export businesses, with a focus on high quality clay tiles. Currently clay tiles are sold in more than 50 countries on five continents. The companies have six production facilities in Spain and Portugal.

Braas Monier knows the operating business in Spain and Portugal well as it already holds a non-controlling interest in the Uralita subsidiary - cooperation between Tejas Cobert and Redland (today part of the Braas Monier Building Group) dates back to 1985.

About Braas Monier
Braas Monier Building Group is a leading manufacturer and supplier of pitched roof products. The Group covers all steps of the manufacturing process, offering a comprehensive range of concrete and clay tiles for pitched roofs in Europe, parts of Asia and South Africa. The portfolio also includes ceramic and steel chimneys and energy system solutions. Braas Monier had operations in 36 countries and 107 production facilities and employed around 7,400 people as at 31 December 2013. The Company is headquartered in Luxembourg.

Braas Monier Building Group shares were included in the SDAX, the Index for Small Caps of the Deutsche Börse AG, with effect from 22 September 2014.

Achim Schreck,
Director Group Communications / Investor Relations
Braas Monier Building Group

Tel: +49 6171 61 28 59

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