Simpson Manufacturing Offers EUR 725m to Acquire Etanco.
MANews-(C)2009-2022
US-based engineered structural connectors and building solutions provider Simpson Manufacturing Co., Inc. (NYSE: SSD) has submitted a binding offer with exclusivity to acquire European fixing and fastening solutions provider the Etanco Group for EUR 725m (approximately USD 818m), the company said.
Etanco is a designer, manufacturer and distributor of fixing and fastening solutions for the building construction market throughout Europe, which includes innovative fasteners, connectors, anchors and safety solutions for roofing, cladding, faÃ[section sign]ade, waterproofing and solar applications.
For the twelve months ended September 30, 2021, Etanco's net sales and operating income margin were approximately EUR 258m (approximately USD 291m) and 19.7%, respectively.
The acquisition is expected to close near the end of the first quarter of 2022 and is anticipated to be accretive to the company's earnings within the first full fiscal year after closing.
Etanco's primary product applications directly align with the addressable markets in which Simpson operates, estimated at over USD 5bn.
Leveraging Etanco's leading market position in Europe, following the proposed acquisition, Simpson would expand its portfolio of solutions, including mechanical anchors, fasteners and commercial building envelope solutions, as well as significantly increase its market presence across Europe.
The transaction would allow the company to enter into new commercial building markets such as faÃ[section sign]ades, waterproofing, safety and solar, as well as grow its share of direct business sales.
The acquisition of Etanco is expected to be accretive to the company's earnings within the first full fiscal year after closing.
Etanco's purchase price represents an approximate 11.9 times multiple of trailing twelve months unaudited EBITDA.
The company would expect to scale its European net sales and operating income margin performance, resulting in an approximate 500 basis point increase in Europe operating income margins by 2025.
Simpson expects to realize operating income synergies of approximately USD 30m, on an annual run rate basis, within 36...
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