Silverfleet's Coventya makes two Turkish bolt-ons

The aggregate deal size for the two bolt-ons will be around €18m, with Silverfleet investing slightly more than €4m of additional equity.

In the larger of the two deals, Coventya acquired an 80.6% stake in Politeknik, a listed manufacturer of aluminium surface treatment chemicals and engineering services with a €9m turnover. Coventya will launch a mandatory tender offer for the remaining 19.4% of the company's shares, and plans to use Politeknik's distribution network to further penetrate the aluminium surface treatment chemicals market in the US and Europe.

Coventya also acquired Telbis, a distributor of chemicals to the general metal finishing market in Turkey. Telbis will be renamed Coventya Kimya. It brings in around €3m of turnover.

Previous funding
Silverfleet acquired a majority stake in French chemicals producer Coventya from Equistone Partners Europe in early 2016. The GP stated at the time that it intended to support Coventya in making further bolt-on acquisitions.

Coventya was the second investment for Silverfleet's second fund, Silverfleet Capital Partners II. The vehicle reached a final close on €870m in June 2015, exceeding its €700m target.

Company
Headquartered in Paris and founded in 1927, Coventya develops and supplies speciality chemicals for metal and plastic surface finishing for several sectors, including the automotive, luxury and consumer goods, construction, aviation and oil & gas industries. It generated a turnover of €124m in 2015.

People
Silverfleet Capital – Jean Châtillon (principal).

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