French Coventya expands with two acquisitions in Turkey

Source: ICIS News

2017/02/02

LONDON (ICIS)--French specialty chemicals firm Coventya has made two "add-on acquisitions" in Turkey, the company’s owner, private equity firm Silverfleet, said on Thursday.

Coventya acquired 80.6% of Politeknik Metal Sanayi ve Ticaret (Politeknik), a manufacturer of aluminium surface treatment chemicals, and plans to buy the remaining 19.4% through a mandatory tender offer.

Politeknik has a plant in Tuzla, near Istanbul, and it has a US affiliate in Atlanta, Georgia.

In the second deal, Coventya acquired Telbis, a distributor of chemicals to the general metal finishing market in Turkey.

Coventya CEO Thomas Costa said that the acquisitions would reinforce the company’s business in aluminium surface treatment and would further develop its footprint in general metal finishing by creating a direct presence in Turkey.

Coventya, based near Paris, develops, manufactures and supplies specialty chemicals used for surface treatment. It offers products used in the automotive, luxury and consumer goods, construction, aviation, data storage, oil and gas, and other sectors. It has 11 production sites in Europe, the US and Asia.

London-based Silverfleet added that that the "aggregate deal size" for the acquisitions is about €18m. Silverfleet, which acquired Coventya last year, expects to invest about €4m in additional equity, with the exact amount depending on the mandatory tender offer for the remainder of Politeknik.