Bridgepoint to acquire growing Flexitallic Group
www.cnchemicals.com Time：2013-07-16 Sources of information：www.cnchemicals.com
PARIS—International private equity firm Bridgepoint is acquiring Flexitallic Group, a manufacturer of sealing products for the oil and gas markets, power generation, chemical and petrochemical industries.
Flexitallic has operations in nine countries including the U.S., Canada, France, Mexico and Germany. It said the sale, subject to competition clearance, was worth $589.3 million and is expected to close in July.
Eurazeo PME, a minority shareholder in Flexitallic since 2006, will retain that stake. In the time since Eurazeo became a shareholder, Flexitallic has acquired six companies, improved processes and research functions and bolstered its leadership team, according to the firm. The value of Flexitallic has grown 12-fold since, and its revenue growth is 11 times greater at $275 million.
The company''s work force has expanded from 46 to 1,250 today.
Flexitallic, formerly named the FDS Group, said it plans to double in size during the next five years. Two recent acquisitions, AGS Flexitallic and Custom Rubber Products, have been a key as the company services alternative energy markets: Canadian oil sands and U.S. oil and shale gas.
Remi Toledano, president and chief executive officer of the Flexitallic Group, said Bridgeport''s investment will enable the company to pursue further expansion, particularly in China with the developing nuclear industry.
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