Surteco, a German manufacturer of decorative surface materials and technical plastic extrusions will acquire Portuguese PVC edgbandings maker Probos from private equity firm Alantra for EUR 99m in cash, according to a statement from the company.
Headquartered in Porto, Portugal, Probos Group is the third largest global manufacturer of thermoplastic edgeband solutions, primarily PVC and ABS plastic edgeband products, mainly for export - some 90% of the Group’s sales are derived from its export activities. Probos has production and distribution units in Portugal, Brazil, UK, Germany, USA and Mexico, and active sales in more than 50 countries. The company generated sales of €66.5 million in 2016.
Dr. Herbert Müller, Chairman of the Board of Management of Surteco, called the acquisition a further ‘milestone’.
“The company is highly profitable with a record of strong growth. Probos has an established market presence in South and Central America and opens up great potential in markets where we have hardly been represented up to now,” he said.
The deal, said Surteco is neither subject to any condition precedent nor antitrust approval. It is expected to close in the coming weeks.