Sperian Protection acquires Combisafe
Paris, August 18, 2008 - Sperian Protection announces today that it has entered into an agreement to acquire Combisafe International AB, a leading developer and supplier of height safety and access systems.
The acquisition perfectly fits the Group’s strategy of growing in high added value market segments: Combisafe brings to Sperian complementary product offering, expertise and services in the infrastructure work and commercial construction markets and expands Sperian’s current fall protection system portfolio. It also immediately reinforces Sperian’s presence into the fast growing Middle-East market with their significant operations in Dubai and further expands Sperian’s presence in the Northern European Market.
Combisafe, headquartered in Northampton, UK, and majority controlled by Fairford (Sweden), a Group owned by the Lebanese businessman Salah N Osseiran, has approximately 100 employees and has built its expertise and strong market positions since its inception in 1984. Based on a strong supply chain management strategy, Combisafe offers a flexible portfolio containing a comprehensive range of broad height systems and services as well as consultancy capacity.
Sales were 293 MSEK (32 MEUR) in 2007 and are growing at double digit rate thanks to increased safety awareness for people working at height, implementation of regulations and standards, expansion into new markets and gain of market share. The purchase price will be 590 MSEK (63 MEUR) at closing. This operation will be accretive for Sperian Protection as of the first year.
Henri-Dominique Petit, Chairman and CEO of Sperian Protection stated: “We are delighted to welcome the team that has driven Combisafe to this leading position: together with our current fall protection operations, Sperian will now offer a world wide prevention solution, with both collective and individual fall protection product range positioned on the high-end of the market. It will also boost our position in developing countries, like Middle-East“
The acquired business will be combined with Sperian’s global fall protection unit. The transaction is subject to the approval of the relevant authorities. It is expected to close within the next 30 days.
Sperian Protection was advised by Corporate Finance Partners, a leading mid-market M&A advisor focusing on TIME, high growth and Special Situations transactions.
About Sperian Protection
With nearly 6000 employees worldwide, Sperian Protection is resolutely geared towards international markets.
The world leader in personal protective equipment (hearing, eye, respiratory and fall protection, gloves, clothing and footwear), the Group offers innovative products adapted to high-risk environments so that all workers in the manufacturing and services industries can work with confidence.
Sperian Protection is listed on Euronext’s Eurolist and on the SBF120. It is eligible for the SRD deferred settlement system.