Saint-Gobain S.A. (Courbevoie, France) has entered into a definitive agreement to acquire Ovniver Group, a leading privately-owned construction chemicals player in Mexico and
Central America, for $815 million (approximately €740 million) in cash. Following the acquisitions of Chryso, GCP and FOSROC (underway), this move represents another strategic step in establishing Saint-Gobain’s worldwide presence in construction chemicals, which will have combined sales of €6.5 billion across 76 countries following the acquisition (pro forma).
Ovniver Group is a leading construction chemicals player with a strong commercial and industrial footprint in the high-growth Mexican and Central American markets. The company is expected to generate revenues of $285 million, with a growth rate of around 20% per year on average in the last 5 years, and achieve an EBITDA margin of 21.7% in 2024. With 16 manufacturing plants and around 1,000 employees, vniver Group offers a wide range of innovative solutions for residential and non-residential construction markets, including façade coatings, tile adhesives, waterproofing and surface preparation mortars. The purchase price represents an acquisition multiple (before synergies) of approximately 13.1x vniver Group’s 2024E EBITDA of $62 million, and a multiple of around 8.0x including run- rate synergies of approximately $40 million in year 3. This acquisition will be fully financed in cash. The Group will maintain a strong balance sheet with net debt / EBITDA remaining well within the target range (1.5x to 2.0x), taking into account the acquisitions of CSR Limited, FOSROC and vniver Group. Closing of the transaction is subject to customary conditions and is expected in the first half of 2025.