SergeFerrari Group announced the acquisition of Verseidag-Indutex, a world leader in PTFE glass materials, from Jagenberg AG, in a press release on July 29.
SergeFerrari designs, manufactures and distributes innovative flexible composite materials. The acquisition, for an undisclosed amount, will strengthen the company’s position as a global leader in tensile architecture and modular structures and in becoming a key player in noncombustible solutions. The move is also expected to strengthen the group’s position in Germany, Europe’s largest market, and accelerate its internationalization in the Middle East, the United States and China.
“For SergeFerrari Group, the acquisition of Verseidag-Indutex is a key and transforming step in its growth momentum and structuring in its international development as well as in its innovation strategy,” Sébastien Ferrari, SergeFerrari Group chairman and CEO, said. “We are extremely proud of it, as the acquisition of Verseidag-Indutex enables the group to become the undisputed global leader in two of our strategic market segments: tensile architecture and modular structures. The acquisition of Verseidag, an iconic brand and leading company recognized worldwide, is completely in line with our selected acquisition strategy, to strengthen our commercial, product and technological bases.”
Located in Krefeld, Germany, Verseidag-Indutex operates in the markets of tensile architecture and modular structures, along with the industrial, biogas, large format digital printing, solar protection for building and automotive sectors.
Verseidag-Indutex employs nearly 250 people on its four industrial sites in and around Krefeld, and has sales subsidiaries in Europe, the United States, the Middle East and Hong Kong. Verseidag-Indutex and the acquired companies generated consolidated revenues of €72 million in 2019.
As part of this acquisition, Mr. Jan Kleinewefers, the primary shareholder of Jagenberg, will be co-opted to the board of directors of SergeFerrari Group, and Dr. Erich Bröker, CEO of Jagenberg, will become a member of the Strategic Committee of Verseidag-Indutex.
“Based on the extensive investments during the last 10 years in the development of technologies, innovative products and know-how, the industrial logic of combining these two premium suppliers was that convincing that we were prepared to sell our subsidiary Verseidag-Indutex,” Bröker said. “The newly created group of companies opens up growth perspectives that neither of them could have achieved on their own.”
The acquisition follows, in the first half of 2020, the acquisition of a majority stake in the capital structure of F.I.T. in Taiwan, a designer, manufacturer and distributor of high-tech noncombustible materials.
With this latest acquisition, the group expects to generate significant synergies, as the activities of SergeFerrari Group and Verseidag-Indutex are highly complementary in terms of product ranges, sales networks, marketing and manufacturing. Verseidag-Indutex’s position in PTFE glass materials for tensile architecture and modular structures in particular, in combination with Serge Ferrari’s unique proprietary Précontraint® technology, will enable the group to develop a complete and diversified commercial offering.
In addition, the Verseidag-Indutex product range will strengthen the group’s position in new segments such as large format digital printing, solar protection for building and automotive. The group plans to continue to develop both the Verseidag brand and those of the SergeFerrari Group.
“The product ranges and production-related synergies will provide us with great advantages in the future,” said Markus Simon, CEO of Verseidag-Indutex. “Furthermore, the unwavering and long-standing commitment of the teams of both our companies to continuously offer their customers innovative product solutions with the highest quality standards fits together remarkably well.”
Sébastien Baril, marketing and digital transformation director of SergeFerrari Group, will be responsible for the integration of the Verseidag-Indutex into the new group.
“This acquisition will strengthen the group’s fundamentals,” Baril said. “It also reinforces our position in the very attractive market for innovative non-combustible solutions and allows us to expand our product portfolio with, for example, larger production widths or environmentally friendly coating techniques that present great development potential. The highly complementary nature of the product ranges, business expertise and geographical footprint of our two companies is a definite step forward for the group.”
Under the terms of the operation, SergeFerrari Group acquired 100 percent of the shares of Verseidag-Indutex and of the companies Verseidag Seemee US and Cubutex GmbH and 60 percent of DBDS Deutsche Biogas Dachsysteme GmbH, in return for a cash payment in two installments (one at closing, the other in 2021), a payment in SergeFerrari Group shares also in two installments (one in 2021, the other in 2022) and an earn-out to be paid in 2023, indexed to the EBITDA growth.