Low & Bonar, an international manufacturer of geosynthetic and other materials, has announced its acquisition of Slovakia-based Texiplast, a reinforcement-specialized geosynthetic materials company. The deal is reportedly worth €18.9m ($25 million) on a debt-free basis.
In its release, Low & Bonar highlights Texiplast’s longevity (founded in 1938) and growing position in reinforcement, separation, filtration and erosion control materials.
The acquisition “enables Low & Bonar to become a more integrated provider of solutions for civil engineering projects,” the company notes.
Low & Bonar has been very active in the geosynthetics marketplace. It is the parent company of Bonar, the 2013-merged entity of international geosynthetics companies Bonar Technical Fabrics and Colbond Geosynthetics.
The addition of Texiplast will certainly enhance Low & Bonar’s position in Eastern Europe. In 2012, Low & Bonar reported 55% of its business was in Western Europe while Eastern Europe comprised only 7.2% of the company’s activity. Texiplast’s Central European position is ideal for Low & Bonar’s growth.
“Texiplast is an exciting ‘bolt-on’ acquisition which is aligned to our strategy and highly complementary to our activities in the Civil Engineering sector,” says Steve Good, Group Chief Executive. “The Placing funds the Acquisition and provides flexibility to support further growth.”
