Astorg-backed Metalor acquires NECC Coatings Division

The deal was funded by Metalor's own cash reserves, in addition to acquisition facilities currently being negotiated. Astorg did not provide additional equity on this transaction, but was active in both sourcing and execution of the deal. Director Jean-Hubert Vial led the transaction on behalf of the private equity firm.

Headquartered in Tokyo, NECC's Coatings Division supplies the electronics industry with precious metals-based chemicals, and provides it with electroplating processes and equipment. It employs over 100 staff at sites in Japan, Singapore, Taiwan, Korea and China. NEEC's Coatings Division posted a CHF 53m turnover in 2010.

Astorg Partners acquired a 60% stake in Metalor from a group of Swiss private investors in 2009 - a deal that valued the company in the €100-300m range - with a buy-and-build strategy in mind. This latest acquisition was deemed to be complementary to Metalor's existing product range, customer base and geographical footprint. In addition, Metalor had already been the exclusive distributor of NECC Coatings products outside of Japan and Korea since 2002

This is the second bolt-on for the company since Astorg bought it, following the acquisition of AMI Doduco Americas in December 2009. Further strategic additions will be considered going forward.

Founded in 1852 and headquartered in Neuchâtel, Metalor is a refiner of gold, precious metals and advanced materials. It operates through three divisions - refining, advanced coatings and electrotechnics - specialising in the manufacturing of products and the supply of services based on precious metals.

Metalor employs around 1,600 staff and posted a CHF 335.9m turnover in 2010.

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