AAC CAPITAL UK SELLS CELOTEX TO SAINT-GOBAIN

06 November 2013 – AAC Capital UK (“AAC UK”), the mid-market buy-out firm, today announces that it has sold CelotexGroup Limited(“Celotex”), one of the leading British producers of high performance insulating foam, to Compagnie de Saint-Gobain SA.  AAC UK generated a money multiple of 3.3x on its original investment of £8.5m.

Headquartered in Hadleigh, Sussex, Celotex is the UK brand leader of Polyisocyanurate (“PIR”) insulation solutions for the building and construction markets.  PIR is the fastest growing insulation category within the UK and has high thermal performance characteristics which allows homes and buildings to achieve premium levels of energy efficiency.

Celotex has been actively managed by AAC UK since its acquisition in October 2004.  During AAC UK’s ownership revenues have grown 2.7 times (annual turnover to 31 August 2011 was £69.7m). Highlights of AAC UK’s successful strategy for the business include:

• Implementation of a new product development programme
• Development of sales and production management strategies
• Construction of a new £3m distribution and innovation centre in order to support growth in the construction markets
• Introduction of new succession management to the business

Paul Southwell, UK Managing Partner at AAC UK, said; “Celotex has been a successful investment for AAC UK and represents an excellent return for our investors in a challenging macro-economic environment.The business is now well positioned for the next phase of growth and we wish the management team and the new owners continued success.”