Saint-Gobain has signed a definitive agreement to acquire OVNIVER Group, a prominent construction chemicals player in Mexico and Central America, for $815 million. This acquisition represents a strategic move to enhance Saint-Gobain's presence in the construction chemicals sector and expand its market reach in the region.

Following its acquisitions of Chryso, GCP, and the ongoing acquisition of FOSROC, this move further solidifies Saint-Gobain’s strategic expansion in the global construction chemicals sector. With the completion of these acquisitions, Saint-Gobain's construction chemicals division will achieve combined sales of €6.5 billion across 76 countries, significantly enhancing its worldwide presence and market footprint in the industry.

OVNIVER Group is a prominent player in the construction chemicals industry, boasting a robust commercial and industrial presence in the rapidly growing Mexican and Central American markets. The company is projected to generate revenues of $285 million and has demonstrated an average annual growth rate of approximately 20% over the past five years. OVNIVER is expected to achieve an EBITDA margin of 21.7% in 2024. With 16 manufacturing plants and a workforce of around 1,000 employees, OVNIVER Group provides a diverse portfolio of innovative solutions, including façade coatings, tile adhesives, waterproofing, and surface preparation mortars, catering to both residential and non-residential construction sectors.

The acquisition price equates to an acquisition multiple of approximately 13.1x OVNIVER Group’s projected 2024 EBITDA of $62 million, before accounting for any synergies. Once synergies are factored in, estimated at around $40 million by the third year, the multiple adjusts to approximately 8.0x. This reflects a significant enhancement in value through anticipated operational efficiencies and integration benefits.

This acquisition will be entirely financed with cash, ensuring that the Group maintains a robust balance sheet. Despite the acquisitions of CSR Limited, FOSROC, and OVNIVER Group, the Group's net debt to EBITDA ratio will remain comfortably within the target range of 1.5x to 2.0x. The transaction is contingent upon customary closing conditions and is anticipated to be finalized in the first half of 2025. This strategic move reinforces the Group's financial stability while expanding its market presence.

Benoit Bazin, Chairman and CEO of Saint-Gobain, expressed his enthusiasm for the acquisition of OVNIVER Group, emphasizing its alignment with Saint-Gobain’s “Grow & Impact” strategic plan. He highlighted that this acquisition would bolster Saint-Gobain’s position in the construction chemicals sector and enhance its foothold in high-growth markets. Bazin praised OVNIVER Group’s leadership, strategic vision, and impressive growth track record, noting their excellent execution. He anticipates that integrating OVNIVER Group will accelerate Saint-Gobain’s expansion and enhance its profitable growth platform in construction chemicals. Bazin concluded by warmly welcoming the OVNIVER Group teams to Saint-Gobain.

Hector Abella, CEO of OVNIVER Group, expressed his excitement about the company's new chapter following its acquisition by Saint-Gobain. He noted that OVNIVER’s dedication to providing top solutions and customer satisfaction has established it as a leader in Mexico and Central America. Abella extended gratitude to his team for their exceptional work and highlighted that joining Saint-Gobain—a global leader in sustainable construction and construction chemicals—is an ideal progression.