Acquisition of Durante Adesivi (Italy)
Soudal announces major investment in industrial adhesives and acquires majority stake in Durante Adesivi (Italy)
Soudal confirms its ambitions in adhesives with the acquisition of a majority stake in Durante Adesivi, a leading Italian manufacturer in adhesives for the woodworking, assembly and packaging industry, with headquarters and two state-of-the-art production facilities in Pordenone area. The business will continue to expand its production and sales activities in industrial adhesives.
With over 60 years of experience, Durante Adesivi has developed a strong international market position in adhesives for woodworking, assembly, textile and packaging applications. With sales in over 50 countries, the company has built-up significant know-how in PUR and EVA/PO hot-melt as well as PVAc adhesives. Durante offers a high level of customer support to ensure reliable applications. The new combination offers numerous opportunities for complementary solutions and technologies to existing and new customers worldwide. Durante will keep its identity, brand name and market position.
Vic Swerts, Chairman of the Soudal Group: “We are very proud of this acquisition – which is our biggest ever. The market expertise and future potential of Durante Adesivi will allow us to boost our international ambitions in adhesives and their industrial applications.”
Luigi Durante, Chairman of Durante Adesivi: “We are very happy we found a strong partner to secure the future of our long-lasting family legacy. We share the same ambition, family spirit and business ethics. We will be able to leverage the international footprint of the Soudal Group, while keeping our own identity and industrial focus. The Durante family and Soudal will invest together in further growth and market diversification.”
The current employment at Durante Adesivi of 114 people will be increased in line with the ambitious growth plans. With Durante’s budgeted turnover of nearly 100 million Euro Soudal aims for a 2024 group turnover of 1,5 billion Euro. The production facilities in Italy will be the 27th and 28th for Soudal worldwide.
UBS acted as sole financial advisor to the shareholders of Durante Adesivi. The Durante family has been assisted by PedersoliGattai and Studio Raengo Corporate law firm for all the legal aspects of the transaction. Londero, Varisco, Menis e Associati handled consulting and fiscal aspects for the Durante family. PwC provided financial Vendor Due Diligence services. Soudal was assisted with reference to the due diligence and contractual aspects by EY.