Superglass agrees £8.7m takeover
The UK’s only independent manufacturer of glass mineral wool insulation agreed a 5.6p a share offer from Sergey Kolesnikov, the sole shareholder of Cyprus-registered Inflection, and also president and managing partner of TechnoNICOL, a leading Russian roofing and insulation group.
When the company floated in 2007, it was valued at more than £100m. The firm has suffered amid weak demand for government-backed energy efficiency schemes, but results in April showed it had trimmed its half-year losses to £500,000, down from £1.9m a year earlier, following a 2 per cent rise in revenues to £10.5m.
Superglass is to sign an agreement with TechnoNICOL for distributing its construction products in the UK and Ireland.
Chairman Mark Cubitt says employees will be more secure with a “much larger multinational player in the building materials market”.
He added: “This offer is good for all stakeholders in Superglass.
“For shareholders, it represents an all cash premium of 114 per cent to the pre-deal announcement price and a meaningful premium to the 2014 placing price; and for employees it offers the prospect of access to the opportunities, products, distribution channels and funding support of a much larger multinational player in the building materials market to build on the already significant progress made in the last year under the new management team.”
Kolesnikov said that, over time, Superglass is set to become the leading distributor of Technonicol Construction’s products in the UK and Ireland.
“This transaction and the commercial partnership between Superglass and Technonicol is a strategic opportunity for all parties, providing Technonicol with a presence in the UK and Irish insulation markets,” Kolesnikov said.
“We are impressed with Superglass’ management team and look forward to working with them.”