Convent, Nedvest sell Cirex to trade

Following the acquisition, Signicast will be able to expand its international customer base and consolidate its market position in Europe. In addition to Signicast's existing three facilities located in the US, the combined group will now operate plants in the Netherlands, Czech Republic and Slovakia.

Convent and Nedvest acquired Cirex from Nimbus Investment and Gietburg Group in October 2013. Following the deal, Convent bought a 75% stake for around €14m, while Nedvest acquired the remaining minority holding. The sale ended a 13-year holding period for Nimbus, which had bought a majority stake in Cirex from Corus Group in 2000, in a leveraged buyout of an undisclosed amount.

Company
Established in 1947 and based in Almelo, Cirex is a casting foundry that manufactures steel components for the automotive and aerospace industries. The company employs a staff of 255 people across four production plants located in the Netherlands, Czech Republic and Slovakia. According to press reports, Cirex generates annual EBITDA of around €5m. The company's client base includes BMW, Mercedes, Porsche, process, Deutz and JCB.

People
Nedvest Capital - Tim Kreté (investment manager).
Signicast - Clayton Tychkowsky (CEO).
Cirex - Jeroen Spoelder (managing director).

Advisers
Vendors - William Blair (corporate finance); Deloitte (financial due diligence).

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