BGL and Cross Border Advise in the Sale of So.F.teR. to Celanese Corporation
January 25 2017
Cleveland | January 19, 2017 - Brown Gibbons Lang & Company (BGL), the American-based partner of Global M&A Partners, Ltd., together with its Italian-based partner Cross Border, are pleased to announce the sale of So.F.teR. Group to Celanese Corporation (NYSE: CE). Cross Border and BGL served as the exclusive financial advisors to So.F.teR. in the transaction. Terms of the transaction were not disclosed.
Founded in 1980, So.F.teR. is the largest independent compounder in Italy and one of the top three in Europe. The company specializes in engineering plastics, thermoplastic elastomers, and vulcanized thermoplastics for the automotive, appliance, electric and electronic, construction, footwear, personal care, sports and leisure, and furniture markets. Headquartered in Forli, Italy, So.F.teR.'s global footprint consists of facilities strategically located in Europe, Mexico, Brazil, and the United States. The company reported consolidated sales of EUR 260 million in fiscal 2015.
So.F.teR.'s broad product offering and superior quality afford clear competitive advantages and are supporting strong growth at above market rates. With the acquisition, Celanese expects to nearly double the number of global engineered materials product platforms and further extend its world-class leadership model, solutions capability, and project pipeline. Additionally, So.F.teR.'s state-of-the-art manufacturing facilities and product range will provide a vehicle for additional growth, investment, and synergies.
Riccardo Meucci, Global Commercial Director and shareholder of So.F.teR. said, "Due to their extensive industry expertise and global reach, Cross Border and BGL were able to rapidly contact and manage numerous potential buyers worldwide, which was extremely valuable in selecting the ideal strategic partner for the company. The team worked seamlessly in navigating a complex transaction structure that crossed multiple continents to unlock shareholder value. We are excited to partner with Celanese, and are highly confident in the cultural fit and in our ability to create significant value through this strategic combination."
Silverio Davoli from Cross Border and Andrew Petryk and Justin Wolfort from BGL led the transaction process.
About Cross Border
Founded in 1990, Cross Border is a leading independent mergers and acquisitions advisor serving all industry sectors in the Italian middle market and is the exclusive Italian partner and founding member of Global M&A. Cross Border has deep industry expertise across the major plastics subsectors and specific knowledge and transaction experience in the engineering compounding market. For more information, please visit www.crossborder.it.