mynth
07/2011

VULCANIC acquired by ABENEX

FRANCE Industrial Equipment / Special Machinery / Boilers & Thermal Solutions EV €100–350M

Context

The third LBO of Vulcanic represents a major turning point in the group’s trajectory, marking the transition from its tenure under 21 Centrale Partners to a new partnership with Abénex Capital and Cathay Capital Private Equity. The strategic rationale for this transaction centers on an "international-pivot" play, merging Vulcanic’s industry-leading technical operational depth in European electro-thermal solutions with the sponsors’ extensive expertise in cross-border scaling, particularly toward Asian markets. This structural alignment provides the organization with the scientific talent and logistical hardware—specifically across its eight European production sites—required to address the increasing demand for specialized heating components in emerging industrial hubs.

VULCANIC, which reported an EBITDA margin of [members only] in 2011, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Industry & Manufacturing sector (11.7x).

-> Deep-dive in Industry & Manufacturing market trends

Target

Founded in 1973, Vulcanic has established itself as a global leader in the design and manufacture of electrical heating and cooling systems for industrial applications. The company specializes in delivering solutions for critical environments across a highly diversified range of sectors, including energy, transportation, oil & gas, and food processing. With a workforce of approximately 650 employees and a network of nine industrial sites across France, Germany, Spain, and Australia, the group serves over 30,000 customers worldwide.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2011
€50–100M
[members only]
[members only]
2010
€50–100M
[members only]
[members only]

Other operations with VULCANIC

Other operations with VULCANIC

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
07/2022SPIRAX-SARCO ENGINEERINGVULCANICFRANCEBoilers & Thermal Solutions
10/2016QUALIUMVULCANICFRANCEBoilers & Thermal Solutions

REFERENCES

Valuation range: EV €100–350M

Revenue range: €50–100M

EV/Revenue range: 1x - 3x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of VULCANIC by ABENEX are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: abenex