Swiss-listed Conzzeta Group has sold FoamPartner to Recticel
With FoamPartner, Recticel acquires one of the world’s key advanced flexible polyurethane (PUR) foam solution providers. The combined business will create a European supplier in high-end specialty, mobility and comfort applications with strong growth opportunities in North America and Asia. Joining forces, Recticel and FoamPartner will serve the combined customer base with a comprehensive portfolio of high-quality foam solutions as well as PUR systems on a global scale.
For Conzzeta, the transaction is an important successful further step in its announced strategy to streamline its business portfolio and to focus on its Bystronic business unit.
Lincoln International acted as the exclusive mergers and acquisitions (M&A) adviser to Conzzeta, providing process, financial and tactical advisory expertise and managing the preparatory, marketing, due diligence and negotiation phases of the transaction.
Following the sale of Schmid Rhyner to Altana, this deal is the second major transaction of Conzzeta that was advised and managed by Lincoln International in the last 12 months.
Closing of the transaction is expected in the first quarter of 2021, subject to regulatory approval.
FoamPartner, founded in 1937 and headquartered in Wolfhausen, Switzerland, with 12 locations across Europe, America and Asia-Pacific, is a key player in foam technology. The company offers its customers a broad portfolio of best-in-class foam and other material solutions engineered to the highest standards of form, function and quality. More than 1,100 employees worldwide develop, manufacture, process and distribute custom-tailored polyurethane foam products focused on three market segments: mobility, specialties and living and care.
Recticel is a Belgian-listed group with a strong European dimension, also operating in the rest of the world. The company employs approximately 7,000 people in 27 countries. Recticel contributes to daily comfort with foam filling for seats, mattresses and slat bases of top brands, insulation material, interior comfort for cars and an extensive range of other industrial and domestic applications. In 2019, Recticel achieved combined sales of Euro 1.2 billion.
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