Innova exits Trimo for 4.5x money

The GP has sold 100% of the capital for EUR 164m, it said in a statement. It bought Trimo in 2015 from a group of banks, as reported. 

The sale price was a 9.5x 2021 EBITDA multiple, said Recticel. 

Trimo sells sustainable mineral-woold insulated panels and building envelopes for the construction industry into 60 countries. It had net sales of around EUR 138m in 2021. 

Innova said that Trimo substantially improved its profitability over its ownership, with an EBITDA margin now above 12%. 

Buyer Reticel is a listed Belgian industrial group with global sales of EUR 1,032m. 

Innova had previously agreed to sell Trimo to another trade player, Irish building supplier Kingspan Group in August 2020, but the buyer walked away due to a lengthy competition process from the European Commission, as reported. 

The new sales process kicked off earlier this year. 

The deal is expected to close in Q3 2022. 

Advisors

Innova Capital - Alantra (M&A); PwC (financial & tax); Rymarz Zdort (legal). 

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