Tessenderlo Group (NYSE Euronext: TESB) announced today that it has sold its UK Profiles activities (trading under the Eurocell name) to H2 Equity Partners, a private investment firm. The sale comprises three production sites, a warehousing site, and 124 sales branches, employing 978 employees.
This divestment is in line with Tessenderlo Group's strengthened focus on specialty products and services in the areas of food, agriculture, water management and valorizing bio-residuals. It also marks the group's exit from profiles activities, following previous divestments in the US, Canada and continental Europe.
The divested activities comprise two main areas. Firstly, Eurocell is a leading UK supplier of PVC building materials, such as window and door profiles sold to fabricators, and features a major PVC recycling facility. In addition, Eurocell is a leading specialist distributor of roofline and other building products with 124 sales branches covering the United Kingdom. Its revenue amounted to 140 million pounds (GBP) in 2012.
Tessenderlo Group is a worldwide specialty company, focused on food, agriculture, water management and on valorizing bio-residuals. The group employs about 6,200 people and is a leader in most of its markets, with a consolidated revenue of 2.1 billion EUR in 2012. Tessenderlo Chemie NV is listed on NYSE Eurolist by Euronext Brussels and is part of Next 150 and BEL Mid indices. Financial News wires: Bloomberg: TESB BB - Reuters: TesBt.BR - Datastream: B:Tes
H2 Equity Partners is an independent private equity firm founded in 1991, active in the Benelux, Germany and the United Kingdom. H2 has built an exceptional record of acquiring and growing fundamentally attractive businesses that have a combination of operational, financial or strategic improvement opportunities at the time of investment. H2 currently manages a portfolio of 18 companies generating over € 2.5 billion in sales. Funds under management amount to ca. € 500 million. For further information please visit: www.H2EP.com