DGAP-News: AURELIUS agrees to acquire Armstrong ceiling businesses from Knauf


 

DGAP-News: AURELIUS Equity Opportunities SE & Co. KGaA / Key word(s): Takeover
AURELIUS agrees to acquire Armstrong ceiling businesses from Knauf

09.08.2019 / 07:30
The issuer is solely responsible for the content of this announcement.


AURELIUS agrees to acquire Armstrong ceiling businesses from Knauf

- Acquisition of leading manufacturer of suspended ceiling tiles and grids for commercial buildings

- Formerly part of Armstrong World Industries Inc, the businesses being acquired consist of two production facilities and business operations and sales capabilities across 11 markets

- High-quality, profitable company with revenues of £75m

Munich, 9 August 2019 - AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) ("Aurelius") today announces the signing of binding contracts for its acquisition of the Armstrong ceiling tiles and grids businesses in Austria, Estonia, Germany, Ireland, Italy, Latvia, Lithuania, Portugal, Spain, Turkey and the UK from Knauf International GmbH ("Knauf").

The transaction follows Knauf's agreement to acquire Armstrong World Industries Inc's EMEA and Pacific Rim business ("Armstrong EMEA") in 2017. In order for this deal to complete, Knauf is required by the European Commission to sell the businesses Aurelius is acquiring ("the company"), which consist of two production facilities situated in Team Valley/UK and business operations and sales capabilities across 11 markets. The company will continue to trade under the Armstrong name for an agreed period of time.

The company provides mineral fibre tiles and grids for modular suspended ceilings to commercial properties, with its products widely used in offices, schools and hospitals across Europe. With estimated combined 2019 revenues of £75m, it is a high quality, profitable company, that enjoys a leading position in the markets in which it operates. On acquisition, Aurelius will execute a complex carve out of the company from its parent business, establishing it as one standalone entity, whilst ensuring a smooth transition for customers.

Going forward, Aurelius will work very closely with the management team to take advantage of the growth opportunities available across all non-residential construction sectors. Aurelius will support the company in implementing an extensive, multi-year capital investment programme, which is designed to deliver substantial technical and specification upgrades to both the mineral fibre and grid production facilities at the Team Valley sites. This will enable the two facilities to produce, in-house, all tiles and grid products that are sold by the company across the geographic markets it serves.

Fritz Seemann, Member of Aurelius' Executive Board, commented: "This is an exciting company, which produces high-quality products that are well regarded and widely used across its 11 markets. Our status as a pan-European investor positions us well to offer the new standalone business the support it needs across the multiple countries in which it operates. Similarly, our extensive experience working with businesses in the manufacturing space, as demonstrated in our recent successful exit from Solidus Solutions, makes Aurelius a fantastic partner for the company's next stage of development. We look forward to working with the management team to share this expertise and establish this company as an independent entity, ready to take advantage of the opportunities that exist within its marketplace".

Christophe Lloret Linares, Managing Director of the company, added: "This is a highly complex carve out, which is well suited to Aurelius' expertise and track record. We look forward to working with the team at Aurelius who will provide the support we need as we establish ourselves as a standalone business and enter the beginning of an exciting period of investment and growth".

The deal marks Aurelius' second corporate carve out transaction in Q3 following its acquisition of BT Fleet Solutions in August 2019. These investments follow Aurelius' sale of Solidus Solutions in June of this year, the Group's largest exit to date.

The financial terms of the deal have not been disclosed and completion remains subject to the approval of the European Commission among other relevant competition approvals. Aurelius was advised by Eversheds Sutherland (Legal), Linklaters (Anti-Trust counsel) and KPMG (Tax). Knauf Ceilings was advised by PwC (Corporate Finance) and Freshfields Bruckhaus Deringer (Legal).

ABOUT AURELIUS

AURELIUS Group is a pan-European investment group with offices in Munich, London, Stockholm, Madrid and Amsterdam. Since it was founded in 2006, AURELIUS has grown from a local turnaround investor to an international multi-asset manager.

AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8, ticker symbol: AR4) represents the listed entity within the AURELIUS Group that focuses on investing in special and turnaround situations and mid-market transaction opportunities in a broad range of industries. AURELIUS Equity Opportunities currently has 21 portfolio companies located across Europe which employ around 13,000 people and generate annual revenues of approx. than EUR 3.5 billion. The shares of AURELIUS Equity Opportunities are traded on all German stock exchanges. The company's market capitalization is approximately EUR 1.1 billion (as of August 2019).

The AURELIUS Group also operates in the areas of growth capital, real estate opportunities and debt. AURELIUS Growth Capital invests in successor solutions and spin-offs from larger mid-sized companies and corporate groups. AURELIUS Real Estate Opportunities focuses on real estate investments, particularly in projects with operational improvement potential, the value of which can be increased in the long-term by means of active management. AURELIUS Finance Company is an alternative direct lender, focused on providing debt solutions to small and mid-market firms across Europe. With its group charity AURELIUS Refugee Initiative e.V., AURELIUS provides comprehensive support for refugees on their way towards a better life.

To find out more, visit www.aureliusinvest.de

CONTACT
AURELIUS Group
Anke Banaschewski
Investor Relations & Corporate Communications
Phone: +49 (89) 544799 - 0
Fax: +49 (89) 544799 - 55
E-mail: [email protected]

 



09.08.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: AURELIUS Equity Opportunities SE & Co. KGaA
Ludwig-Ganghofer-Straße 6
82031 Grünwald
Germany
Phone: +49 (0)89 544 799-0
Fax: +49 (0)89 544 799-55
E-mail: [email protected]
Internet: www.aureliusinvest.de
ISIN: DE000A0JK2A8
WKN: A0JK2A
Listed: Regulated Unofficial Market in Berlin, Frankfurt, Hamburg, Munich (m:access), Stuttgart, Tradegate Exchange
EQS News ID: 854919

 
End of News DGAP News Service

854919  09.08.2019 

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 2.998,35 2.902,94 3.612,00 1.932,90 2.560,80 2.995,00 0,00
EBITDA1,2 272,56 65,72 80,30 167,60 249,70 154,40 0,00
EBITDA-Marge3 9,09 2,26 2,22 8,67 9,75 5,16
EBIT1,4 202,00 11,69 -84,20 222,70 115,80 29,40 0,00
EBIT-Marge5 6,74 0,40 -2,33 11,52 4,52 0,98 0,00
Jahresüberschuss1 484,49 -39,52 18,27 121,60 151,80 78,70 0,00
Netto-Marge6 16,16 -1,36 0,51 6,29 5,93 2,63 0,00
Cashflow1,7 -132,16 -50,00 -76,10 227,50 42,90 -41,50 0,00
Ergebnis je Aktie8 5,98 -1,43 -3,43 3,62 4,86 2,99 1,65
Dividende8 5,00 3,00 0,00 1,00 1,50 0,05 4,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: KPMG

INVESTOR-INFORMATIONEN
©boersengefluester.de
Aurelius Equity Opportunities
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A0JK2A 14,620 Halten 398,69
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
7,31 7,86 0,94 7,31
KBV KCV KUV EV/EBITDA
0,66 - 0,13 3,15
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,05 0,25 1,71 20.09.2023
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
11.05.2023 10.08.2023 10.11.2022 27.03.2023
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-1,73% 6,09% 7,50% -6,16%
    
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Beteiligungen , A0JK2A , AR4 , HAM:AR4