UK-based private equity group Bridgepoint Capital Ltd has agreed to acquire French sealing solutions provider The Flexitallic Group from French buyout firm Eurazeo PME via a EUR450m (USD588.9m) deal, the target said.
Flexitallic manufactures and supplies industrial static sealing products such as industrial gaskets and dynamic and static packings to the oil and gas, power generation, chemical and petrochemical industries. Since 2006, when Eurazeo bought a majority stake in the company, Flexitallic has acquired six firms and bolstered its revenues eleven times to EUR210m, it said.
The sale will allow Flexitallic to continue its technological development and geographic expansion in the traditional markets in the US and Europe, as well as in other markets, such as China, it noted, adding that it intended to double its size in the next five years.
According to the buyer, the business being acquired offers significant growth opportunities in North America, where the group already operates, and also in Asia, Australia and South America.
Under the terms of the deal, Eurazeo will keep a minority stake in the business. The transaction is subject to regulatory approval and is seen closing in July.