Solmax acquires TenCate Geosynthetics
Quebec manufacturer acquires international brand to solidify its position in the geosynthetics market.
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MONTRÉAL — On Apr. 7, Solmax, a geosynthetics manufacturer announced that it had reached an agreement with Koninklijke Ten Cate (the Netherlands) on the acquisition of TenCate Geosynthetics, a global provider of geosynthetics and industrial fabrics. Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ, Solmax’s long-term financial partners, are both investing in this transaction.
“This is the joining of two leading companies in their respective segments, recognized globally for the quality of their products and services, that are bringing their geosynthetic products together under the same roof for the first time. This transaction will increase their products’ use in civil engineering, road infrastructure, hydraulic and environmental works,” said Jean-Louis Vangeluwe, President of Solmax.
“I am highly pleased to position our company alongside Solmax. We both are among the leaders in our respective segments and now we will join together to create a stronger global leader in geosynthetics. The long-term vision of Solmax around sustainability aligns very well with that of TenCate Geosynthetics, and I am energized to lead my team confidently into this new business environment where we can contribute even more value together,” said Wally Moore, CEO of TenCate Geosynthetics.
“CDPQ is proud to further support Solmax in a transformative acquisition that will enhance its position as a global industry leader. Since our initial investment, Solmax has enjoyed rapid expansion through organic growth and acquisitions, resulting in a tenfold increase in size in less the four years.” said Kim Thomassin, Executive Vice-President and Head of Investments in Québec and Stewardship Investing at CDPQ.
“The Fonds de solidarité FTQ has been supporting Solmax for the past 25 years. Once again, we are proud to invest in the company’s international growth, allowing Solmax to strengthen its position as a global leader in the geomembrane market.” said Janie Béïque, President and CEO of Fonds de solidarité FTQ.
The financial terms and conditions of the transaction were not disclosed. The transaction is expected to close in the second quarter of 2021 and is subject to customary approvals by regulatory authorities.