Acquisition
SAINT-GOBAIN SIGNE UN ACCORD DÉFINITIF D'ACQUISITION
The BAILEY Group Companies to complement its offer
for light construction in canada
Saint-Gobain annonce avoir entered into a definitive agreement for the acquisition of The Bailey Group Companies ("Bailey") - consisting of Bailey-Hunt Limited and its subsidiaries - a privately owned manufacturer of metal building solutions for light construction in Canada, for C$880 million (approximately €600 million) in cash.
Bailey is a leading player in metal framing in Canada comprenant C$532 million of sales in the country ainsi que Marge d'EBITDA de 17.2% in 2023. With a 75-year history, Bailey has 12 manufacturing plants across Canada and around 700 employees with a well-recognized brand thanks to its best-in-class customer service, expertise and technical capabilities. Bailey has been a long-standing partner of Saint-Gobain for metal ceiling grids, frames et attaches.
Dans beaucoup de pays, metal framing is already an important part of Saint-Gobain's solution code for light construction, puisqu'il is commonly used for interior solutions (hand-in-hand with plasterboard, insulation and ceilings) as well as for exterior solutions (with siding and roofing).
With this acquisition, Saint-Gobain will further reinforce its offer in light and sustainable construction in the attractive Canadian market, and will be well positioned to better serve Canadian customers, to whom it will bring a comprehensive range of solutions offering sustainability and performance, thanks to innovative installation systems improving productivity and ergonomics on construction sites. Bailey will enrich Saint-Gobain's full-range offer for both interior and exterior solutions (following the acquisitions of Kaycan in siding in 2022 and Building Products of Canada in roofing in 2023).
The purchase price represents a multiple (before synergies) of approximately 9.6x Bailey's BAIIA 2023 de 91.3 millions de dollars canadiens et multiple of approximately 7.5x when including run-rate synergies of approximately C$26 million in year 3.
The acquisition is a plus step in the Group's "Grow & Impact" strategic plan and meets its financial criteria:
1) Strengthening Saint-Gobain's offer in North America in light and sustainable construction with a long-standing partner that provides confidence in a smooth integration thanks to a similar culture and shared values;
2) Création de valeur à l'année 3 following the closing of the transaction and EPS (Earnings Per Share) accretive from year 1: significant synergy opportunities sont estimés à C$26 million by year 3, including cost synergies of C$21 million (procurement, industrial performance improvement and SG&A cost optimization) and sales synergies of C$5 million thanks to the completion of Saint-Gobain's full-range offer for light construction in Canada;
3) Maintenir un bilan solide with net debt to EBITDA remaining below the target (1.5x to 2.0x) including the recently announced CSR Limited acquisition.
The acquisition will be fully financed in cash. Closing of the transaction is subject to customary conditions and expected in the second half of 2024.
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À propos de Saint Gobain
Leader mondial de la construction légère et durable, Saint-Gobain conçoit, fabrique et distribue des matériaux et des services pour les marchés de la construction et de l'industrie. Ses solutions intégrées pour la rénovation des bâtiments publics et privés, la construction légère et la décarbonation de la construction et de l'industrie sont développées dans un processus d'innovation continue et offrent durabilité et performance. L'engagement du Groupe est guidé par sa raison d'être, « FAIRE DU MONDE UN FOYER MEILLEUR ».
47.9 milliards d'euros de chiffre d'affaires en 2023
160,000 76 employés, sites dans XNUMX pays
Engagé à atteindre zéro émission nette de carbone d’ici 2050
Relations analystes/investisseurs | Relations presse | |||
Vivien Dardel : | +33 1 88 54 29 77 | Patricia Marie : | +33 1 88 54 26 83 | |
Floriana Michalowska : | +33 1 88 54 19 09 | Laure Bencheikh : | +33 1 88 54 26 38 | |
Alix Sicaud : | +33 1 88 54 38 70 | Yanice Biyogo: | +33 1 88 54 27 96 | |
James Weston : | +33 1 88 54 01 24 |
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