CVC fund acquires Corialis from Advent International
CVC Capital Partners Fund VI has completed the acquisition of Corialis (Core Innovative Aluminium Integrated Solutions), a European manufacturer of aluminium profiles and systems, supplying door, window and conservatory manufacturers in both the new construction and refurbishment markets, from Advent International.
The transaction values Corialis at an enterprise value of approximately EUR1 billion.
Steven Buyse, partner at CVC Capital Partners, says: “We are delighted to partner with Johan and his talented leadership team to further build out this highly successful business. Consistently delivering high-quality aluminium profile systems with industry-leading lead times and service levels has led to a fantastic track record of customer satisfaction. We fully support management’s strategy to further grow this winning business model in core countries as well as increase the footprint into new ones, and adhere to the vision of becoming the leading aluminium profile systems player in Europe.”
“When we invested in Corialis, we knew we were partnering with a high-quality and fast-moving company and management team. We are very proud of how we have successfully expanded the business together, in only a few years, hiring close to 500 new employees and growing Corialis’ European workforce by more than 40 per cent,” says Michael Ogrinz, managing director at Advent International. “During Advent’s ownership, Corialis’ has gone through an impressive investment and transformation phase. The company’s global footprint was expanded into South Africa and the Balkans as well as accelerating the development of its existing activities in the UK and Poland. Through the combined effect of these initiatives, EBITDA has grown by 50 per cent during Advent’s ownership.”
Johan Verstrepen, group CEO of Corialis, adds: "We appreciate Advent’s support over the years in developing Corialis’ business and driving revenue and earnings growth. We are delighted to be working with CVC and look forward to continuing to strengthen our position as a leading European aluminium profile manufacturer as we enter the next phase of Corialis’ development together. CVC's vision aligns with ours in respect of brand positioning, future growth initiatives, corporate culture and values."