Funds advised by CVC Capital Partners complete acquisition of Corialis from Advent International
Brussels, 30 March 2017 – CVC Capital Partners (“CVC”), one of the world’s leading private equity and investment advisory firms, announced today that CVC Capital Partners Fund VI has completed the acquisition of Corialis (Core Innovative Aluminium Integrated Solutions), a leading European manufacturer of aluminium profiles and systems, supplying door, window and conservatory manufacturers in both the new construction and refurbishment markets, from Advent International, one of the largest and most experienced global private equity investors. The transaction values Corialis at approximately €1 billion Enterprise Value.
Steven Buyse, Partner at CVC Capital Partners, said: “We are delighted to partner with Johan and his talented leadership team to further build out this highly successful business. Consistently delivering high-quality aluminium profile systems with industry-leading lead times and service levels has led to a fantastic track record of customer satisfaction. We fully support management’s strategy to further grow this winning business model in core countries as well as increase the footprint into new ones, and adhere to the vision of becoming the leading aluminium profile systems player in Europe.”
“When we invested in Corialis, we knew we were partnering with a high-quality and fast-moving company and management team. We are very proud of how we have successfully expanded the business together, in only a few years, hiring close to 500 new employees and growing Corialis’ European workforce by more than 40%” said Michael Ogrinz, Managing Director at Advent International. “During Advent’s ownership, Corialis’ has gone through an impressive investment and transformation phase. The company’s global footprint was expanded into South Africa and the Balkans as well as accelerating the development of its existing activities in the UK and Poland. Through the combined effect of these initiatives, EBITDA has grown by 50% during Advent’s ownership.”
Johan Verstrepen, Group CEO of Corialis added: « We appreciate Advent’s support over the years in developing Corialis’ business and driving revenue and earnings growth. We are delighted to be working with CVC and look forward to continuing to strengthen our position as a leading European aluminium profile manufacturer as we enter the next phase of Corialis’ development together. CVC’s vision aligns with ours in respect of brand positioning, future growth initiatives, corporate culture and values. »
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in more than 320 private equity transactions in 40 countries and, as of December 31, 2016, it had €39 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 190 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom. After more than 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
For more information, visit: www.adventinternational.com
About CVC Capital Partners
CVC Capital Partners is a leading private equity and investment advisory firm. Founded in 1981, CVC today has a network of 23 offices and approximately 400 employees throughout Europe, Asia and the U.S. To date, CVC has secured commitments of more than US$88 billion from some of the world’s leading institutional investors across its European and Asian private equity, strategic opportunities and growth funds. In total, CVC currently manages over US$50 billion of assets. Today, funds managed or advised by CVC are invested in 52 companies worldwide, employing c.250,000 people in numerous countries. Together, these companies have combined annual sales of over US$80 billion.
For more information about CVC, please visit: www.cvc.com
Founded in 1984 and headquartered in Belgium, Corialis is a leading European supplier of aluminium profile systems for windows, doors, sliding elements, roof systems and conservatories. The group has global reach with significant operations in Belgium, France, the UK, Poland and South Africa.
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