After entering into negotiations in November 2020, Saint-Gobain has finalised the sale of its home improvement products manufacturing subsidiary Lapeyre to German-based company Mutares.
In November, Saint-Gobain said the offer the offer received from Mutares met the criteria set by Saint-Gobain, which was:
- An experienced buyer familiar with business turnaround situations: Mutares currently owns and supports 18 companies generating expected annualized consolidated sales of about €1.8 billion in 2020;
- A solid and relevant project, based on the revitalisation of the offer, commercial efficiency, optimisation of the industrial base and anticipating in particular accelerated modernisation of the store network and investments in the plants;
- A documented project, responsible in terms of employment and local development, with strong commitments from the acquirer;
- A strong and credible team reinforced with additional skills thanks to the arrival of Marc Ténart, former Manager of Castorama and Conforama.
Saint-Gobain said it would provide Lapeyre with around €245 million, leaving it with a robust cash position and a healthy financial situation to finance its operations as well as the investments and measures necessary to continue modernising the brand and the plants, and the return to profitability.
Lapeyre has approximately 3,500 employees, with 10 plants and 126 stores in France.
The sale is said to be part of the Saint Gobain’s efforts to concentrate its resources on strategic activities.