Kingspan Group plc has purchased insulated panels and building systems supplier Joris Ide Group for 315 million euros ($356 million).
According to a Kingspan statement, the deal will be funded through debt and Joris Ide shareholders will receive 3 million Kingspan shares.
Kingscourt, Ireland-based Kingspan calculated the price on the basis of 8.75 times the earnings before interest, taxes, depreciation and amortization (EBITDA) in the past 12 months.
In a statement issued by Ergon Capital Partners — which co-owned Joris Ide with Bremhove NV — Wolfgang de Limburg, an Ergon managing partner, said his firm's record with Joris Ide Group had included “the investment of almost 100 million euros ($113.5 million) of capital expenditure, the completion of two add-on acquisitions, and the creation of more than 500 jobs [and the] enabling of the company to develop a unique industrial footprint in this sector across Europe.”
Bremhove NV is the holding company of Joris Ide, the founder and major shareholder of the Zwevezele, Belgium-based company.
The deal is subject to regulatory approval but Kingspan expects to complete by end March.
Joris Ide Group manufactures at five primary insulated panel facilities — in Belgium, France, Germany, Romania and Russia — and has another 11 regional manufacturing sites across Europe. It has about 1,100 employees.
The existing management team of Joris Ide will be retained and continue to manage and develop the business as a separate entity from Kingspan, the company said.
In 2014, Joris Ide Group saw sales of 465 million euros ($528.2 million).