SigmaRoc plc, the London-listed quarried materials group, has signed an agreement to acquire Nordkalk, a Northern European limestone producer from Rettig Group based on a €500m enterprise value on a cash-free debt-free basis. The Transaction will be consummated through a reverse takeover under AIM rules.
The deal will be funded through a combination of £130m drawdown of new credit facility from Santander and BNP Paribas and £260m equity raise.
As a result, Rettig Group will become a key shareholder of SigmaRoc with a ca. 8% stake. The deal is expected to close during the course of Q3 2021.
Commenting on this transformational acquisition, SigmaRoc Chairman, David Barrett, stated: “Nordkalk is a well established & well-respected business with a substantial asset footprint spanning across Northern Europe. It has a long history of success and much future potential. This acquisition creates a raft of new opportunities for SigmaRoc to capitalise on in the months and years ahead. I welcome Rettig Group as a shareholder to SigmaRoc. Their commitment is a strong sign of confidence in the future of our Group.”
The Group’s CEO, Max Vermorken, added: “The acquisition of Nordkalk, Northern Europe’s leading limestone products company, is a great steppingstone in the evolution of our Group, expanding our footprint across Northern European markets. We are purchasing a high-quality business at the right point in the cycle and at an attractive valuation. Nordkalk meets all our stringent investment criteria as a self-contained and asset backed business which will bring the Group significant earnings growth. We look forward to helping Nordkalk and its experienced management team on its path to continued success as we perpetuate its 120-year history, name and success.”
Matts Rosenberg, Rettig Group’s CEO, commented: “We are very happy to have found SigmaRoc as a new owner of Nordkalk. As long-term owner of Nordkalk we believe that the change of ownership comes at the right time and that it is the right strategic next step for Nordkalk’s business. As new shareholders in SigmaRoc we will remain supportive of the future of not just Nordkalk, but the entire SigmaRoc Group, and we look forward to many years of continued success and growth.”
Rob Purdew, Strategic Debt Solutions, Santander commented: “We are pleased to have supported SigmaRoc PLC as a joint bookrunner in the underwriting of £305m of debt facilities to part-fund this acquisition. Santander has supported SigmaRoc since inception in 2016, and this transaction is another significant milestone for the company and management as it further strengthens its footprint across Northern Europe.”