KERNEOS
Acquired by
IMERYS
KERNEOS acquired by IMERYS
Target
KERNEOS
Acquirer
IMERYS
Context
Imerys has finalized an agreement to acquire Kerneos from Astorg, a maneuver designed to fundamentally expand its specialized materials offering for the building and infrastructure markets. The strategic rationale for this transaction centers on a "technological-integration" play, merging the Kerneos's industry-leading technical operational depth in calcium aluminate binders with the group’s established global distribution and mineral processing infrastructure. This structural alignment provides the organization with the scientific talent and high-performance hardware—specifically the target's nine international production sites—required to address the increasing complexity of modern construction chemistry.
KERNEOS, which reported an EBITDA margin of LOGIN in 2016, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 10.6x average currently observed in the Industry & Manufacturing sector.
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Target
Kerneos is a France company specialized in High-Performance Mineral Binders. The company has carved out a distinct space in the industrial landscape by focusing on the synthesis of calcium aluminates, which are essential for applications requiring rapid hardening and extreme chemical resistance. Instead of producing standard construction materials, they thrive on a philosophy of technical operational depth, providing specialized ingredients that allow mortars and adhesives to withstand harsh environments or set in record time. What makes them a go-to partner for global construction and refractory firms is their ability to deliver consistent mineral performance across an international network of production sites.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with KERNEOS
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 12/2013 | ASTORG | KERNEOS | FRANCE | Construction Materials | Astorg has finalized an agreement to acquire the Kerneos from Materis (Wendel), a maneuver designed to fundamentally transition the business from a subsidiary of a diversified construction conglomerate into a standalone global platform. The strategic rationale for this transaction centers on a "portfolio-emancipation" play, merging the target's industry-leading technical operational depth in calcium aluminates with the sponsor's established expertise in professionalizing mid-cap industrial champions. This structural alignment provides the organization with the institutional capital and strategic autonomy required to pursue an independent growth roadmap after years of serving as a cash-generating division for a leveraged parent. |
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