Towerbrook exits Metallo in €380m deal

Alessia Argentieri
23 May 2019

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Towerbrook Capital Partners has sold its majority stake in Belgian-Spanish non-ferrous metals recycling company Metallo to Aurubis in a deal that gives the company an enterprise value of €380m.

In addition to Towerbrook's holding, Aurubis also acquired the minority stakes controlled by Alpha Associés Conseil, the management and other co-investors.

With this acquisition, Deutsche Börse-listed Aurubis, which specialises in metal production, plans to strengthen its portfolio, especially in the copper, nickel, tin, zinc and lead segments.

Towerbrook bought a majority stake in Metallo from private equity firm Groupe Alpha in July 2013.

Previous funding
Groupe Alpha bought a 70% stake in Metallo Chimique for around €300m in 2007 from its family shareholders, who retained a 30% stake in the company, alongside the management. With this transaction, Alpha established Metallum Holdings.

Company
Metallo specialises in recycling non-ferrous materials by refining them into new metal products used in industrial production.

The company is composed of two subsidiaries: Metallo Belgium, based in Beerse, which was founded in 1919 as Metallo Chimique; and Metallo Spain, formerly called Elmet, founded in Berango, Biscay, in 1991. The two businesses, controlled by Metallum Holding, were rebranded as Metallo Group in 2017.

Metallo has a staff of 530 and operates facilities located in Belgium and Spain. It generated revenues of €985m in 2018.

People
Metallo Group – Patrick Verschelde (chair).
Aurubis – Roland Harings (deputy chair).