Private equity firm Advent International has completed the acquisition of Corialis (Core Innovative Aluminium Integrated Solutions) from Sagard and Ergon, alongside the management team led by CEO Johan Verstrepen.
Terms of the transaction have not been disclosed.
Founded in 1984, and headquartered in Belgium, Corialis is a European aluminium profile manufacturer, supplying aluminium profile systems to small and medium-sized window, door, and conservatory fabricators for both the new-build and renovation construction markets. Corialis operates under a differentiated, fully integrated hub-based model, with all production stages under one roof.
With 1,600 employees based in four major hubs (Belgium, France, Poland and the UK), the group has international reach distributing its products in over 20 countries. In the 12 months to September 2014, Corialis generated revenues of approximately EUR350 million. Annual organic sales growth was above seven per cent over the past decade.
Aluminium is gaining share against PVC and wood in the European profiles market due to better design flexibility, premium positioning, improved thermal efficiency and superior lifetime value. Advent will work with the management team to take advantage of these trends and develop Corialis into a pan-European leader both through the continued development of its existing hubs as well as the roll out of its integrated model into other European markets, organically or via add-on acquisitions.
Michael Ogrinz, at Advent International in Paris, says: “Corialis is not only one of the rare successful organic growth stories in the European building materials landscape, but its business model has also proven to be resilient through a variety of industry and economic cycles. We look forward to working with the management team to continue to drive the adoption of aluminium as the material of choice in windows, doors and conservatories. We also plan to further support Corialis’ internationalisation, replicating the successful growth strategy they have already applied in France, Poland and the UK. ”
Johan Verstrepen, CEO of Corialis, says: “We are very much looking forward to working with Advent International, a firm that shares Corialis’ growth values. Advent has solid expertise in our sector, as well as financial resources. We believe Corialis can benefit from the knowledge and experience of their local teams in each of our current and future core markets. This will be valuable as we seek to expand our leading position in Europe.”
