January 25, 2002 -- Monitor Clipper Partners has reached a final agreement with Norsk Hydro for the sale of Technal SA, a major European player in the aluminium building systems sector, based in Toulouse, France. This finalizes the deal announced on October 30, 2001, which was subject to regulatory approval.
Technal designs, manufactures and markets a broad range of building systems which are used in the fabrication of doors, windows, facades and conservatories. Technal is the market leader in France and has a strong presence in Spain, Portugal and the UK.
MCP had acquired Technal in July 1999 from Alcan Aluminum of Canada and implemented a growth-focused strategy immediately after the acquisition. During MCP's ownership of Technal, revenues grew by 33% to reach Euro 275 million in 2001, and EBITDA grew by 74% to Euro 21m.
Norsk Hydro is a Norwegian company focusing on oil & gas, aluminum and agricultural products. It had revenues of Euro 20 billion in 2000 and has 38,000 employees (www.hydro.com, NYSE ticker: NHY).
With this acquisition Norsk Hydro's building systems division will be the world leader in building systems based on aluminium extrusions, with over 3200 employees and operations in more than 20 countries.
"Technal was MCP's first investment in Europe and has turned out to be a great success for us. This experience has certainly encouraged us to pursue similar investment opportunities in Europe, and particularly in France, in the future" says Bill Young, Managing Director of Monitor Clipper Partners.
Patrick Tanguy, Chief Executive Officer of Technal, states: "Technal and its employees have enjoyed an excellent relationship with MCP as its shareholder. The company has significantly benefitted from MCP's strategic input over the last few years and is well positioned to take advantage of new market opportunities. We are now pleased to join Hydro Building Systems. We believe that combining the strengths of both companies will accelerate the development of our global presence."
"With the acquisition of Technal we will not only be by far the biggest player within aluminium building systems in France and a leading one in the rest of Europe, but also have a strong position for further growth, especially outside Europe," says Jan Fredrik Meling, Executive Vice President of Hydro Aluminium Extrusion and head of Hydro Building Systems.
For more information, please contact:
Bill Young MCP Cambridge +1 617 252 2200
Oliver Markl MCP London +44 20 7838 6714