Braas Monier has recently signed an agreement to acquire Ontop B.V., a well-established European manufacturer of stainless steel flue systems, with end-product applications ranging from industrial bakery ovens, diesel and gas engines, boilers, fire places and stoves. The Enterprise Value (EV) of Ontop, determined on the basis of 2015 reported figures, amounts to EUR 15.2M, including net debt of EUR 3.6M and additional cost of approx. EUR 1M related to the acquisition and the generation of the expected synergies. The acquisition is expected to close in the coming weeks.
“With the agreed acquisition of Ontop we further extend our European leadership position in Chimneys & Energy Systems. The envisaged acquisition complements our existing product mix and geographical footprint, which we believe will deliver sizeable synergies. Following the acquisition of JA Plast in January and of a concrete tile plant in South Africa in May, this is our third bolt-on acquisition this year and the seventh within the last 19 months. We believe that our disciplined M&A strategy supports our ability to generate profitable growth and to further increase the value of our business”, says Pierre-Marie De Leener, CEO and Chairman of the Board of Directors of Braas Monier Building Group S.A.
