French glass technology provider Rondot Group has completed the largest acquisition in its history.
It has acquired US-based Ramsey Product Corp, a company which specialises in the production of metal conveyor or power transmission chains for the glass sector.
Ramsey carries out 70% of its activity with producers of hollow glass containers, Rondot's core market.
In a statement, Rondot said: “Ramsey, because of its history, its DNA, its product/market positioning, fits perfectly into the model of the Rondot group: to sell premium quality products, through its distribution network all over the world, to each production plant of hollow glass.”
Ramsey is located in Charlotte, North Carolina and had a $13 million turnover in 2022.
Rondot now owns three companies in North America, where it achieves more than 20% of its turnover.
Rondot also said it is reorgansing its capital after achieving growth of more than 10% a year since 2019, despite the Covid crisis.
The management team, alongside Raphaël Constantin, its new Chairman, and Louis Rondot, Chairman of the Supervisory Board, now owns 22% of the group's shares, thanks to a massive reinvestment by its managers and the opening of the capital to all employees.
The Rondot group had previously reorganised its capital at the end of 2019.
Louis Rondot, historical director, and his management team, then owned 20% of the capital, alongside Siparex, present since 2016, with 51%, Initiative & Finance with 23%, and Bpifrance with 6%.
Rondot said: “Through this operation, Siparex, Initiative & Finance and Bpifrance also renew their confidence in the management team, and continue to support the group, with Carvest, which joins the round table, after an initial participation from 2012 to 2016. Siparex remains the reference shareholder.”
It added: “These two transactions are major steps in the evolution of the Rondot group, which is making the largest acquisition in its history, and confirm the desire of shareholders to support it in its development.”