Naxicap sells Ondura to Kingspan in EUR 550m deal

Kingspan has signed an exclusive put option agreement to acquire the asset, according to a statement.

Unquote sister publication Mergermarket reported in November 2021 that Naxicap had mandated Natixis Partners to explore a sale of Ondura. The company was expected to generate EBITDA of around EUR 60m in 2021, versus EUR 44.3m in 2020, EUR 37.5m in 2019, and EUR 36.5m in 2018, one of the sources told Mergermarket.

The same source told Mergermarket that the company's revenues had increased over the course of the coronavirus pandemic, whereas many of its peers had remained stable or seen their revenues decline. Around 70% of its sales come from renovation and refurbishment work, the same source said.

Naxicap acquired Ondura (formerly known as Onduline) in December 2017 in an SBO from Abénex and Astorg, who had owned the company since 2006. The deal reportedly valued Ondura at EUR 220m.

Ondura made add-ons during the investment period including Poland-based CB in 2021 and Germany-based Alwitra in 2019.

Company
Founded in 1944 and headquartered in Paris, Ondura Group produces building materials for roofing and building waterproofing. It produces products for roofs including pitched roofs and flat roofs, serving the home improvement market as well as historical, commercial, residential and public buildings. The company has 14 manufacturing sites and a distribution network in 100 countries.

Ondura Group posted 2021 consolidated revenues of EUR 424m and EBITDA of EUR 63m, according to a statement. It posted revenues of EUR 224m in 2016 and employs 1,540 people, according to Naxicap's website.

People
Ondura Group – Patrick Destang (CEO).
Naxicap Partners – Laurent Chouteau (director); Simon Ricque (investment manager).

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