BWB Partners divests iMPREG Group to private equity firm FSN Capital
10. November 2020
BWB Partners, a Danish investment firm investing in small and medium-sized companies, has entered into an agreement with FSN Capital V*, a fund advised by FSN Capital Partners, a leading private equity adviser in the Northern European region, for the sale of iMPREG (or the ‘Company’), a leading global producer of glass-reinforced plastic (‘GRP’) cured-in-place-pipe (‘CIPP’) liners facilitating ‘no dig’ repair of sewer main pipes and waste water pipes. iMPREG was founded in 1999 and is one of the pioneers of the European GRP market. In the financial year 2019/20, iMPREG is expected to generate revenue of EUR 54-58m and EBITDA (normalized) of EUR 7.8-8.8m.
“Over many years, we have been truly impressed with iMPREG and the achievements of its management team, led by Søren Knudsen, Robert Papp and Nicolai Westh. The company is exceptionally well positioned in a globally growing market, fueled by strong macro drivers, such as a decaying sewer infrastructure, increasing environmental consciousness and urbanization. We are excited to partner with iMPREG’s management and employees to support its future growth ambitions”, says Robin Mürer, Partner at FSN Capital Partners (investment adviser to FSN Capital V).
Since BWB Partners’ acquisition of iMPREG in 2016, the Company has developed from a European-focused GRP manufacturer into one of the world’s leading providers of pipe liner systems for trenchless pipe rehabilitation. Through successful establishment of own manufacturing in China and the USA, iMPREG is quickly becoming one of the market leaders in the Asia-Pacific and North American markets. Further, iMPREG has invested in developing new generations of liners ensuring the Company continues to be at the forefront of the GRP CIPP industry.
“During the past 4 years, iMPREG has expanded its business reach to new markets in Asia-Pacific and North America by successfully establishing local manufacturing in China and the US. We have achieved our strategic targets for iMPREG, and it is a natural time for us to pass on the baton to FSN Capital to continue iMPREG’s impressive growth journey”, says Jacob Bergenholtz, Managing Partner at BWB Partners.
Søren F. Knudsen, Chairman of CIPP Technology Solutions and CEO of iMPREG says, “Together with BWB Partners, we have created a global market leader within GRP CIPP rehabilitation. We look forward to working with FSN Capital with a view to continue our global expansion program, our technological leadership with next generation liners and further development of our service offering. We are very pleased that the entire management team of iMPREG will continue in current roles”.
The change of ownership does not affect any existing collaboration agreements or customer relationships.
The parties have agreed not to disclose the purchase price. The shareholders of iMPREG were advised by Baird and DLA Piper.
The acquisition is conditional on approval from the German Competition Authority. Closing is expected to take place in December 2019.
For more information:
Jacob Bergenholtz, Managing Partner in BWB Partners: +45 24643234
Søren F. Knudsen, chairman and Group CEO in iMPREG: +45 20314090
About iMPREG (www.impreg.com)
iMPREG was founded in 1999 and is today a leading global producer of glass-reinforced plastic cured-in-place-pipe liners facilitating ‘no dig’ repair of sewer main pipes and waste water pipes. Since 2016, iMPREG has expanded its geographical presence and manufacturing footprint and now has approximately 250 employees in Europe, China and USA.
About FSN Capital (www.fsncapital.com)
Established in 1999, FSN Capital is a leading private equity adviser in the Northern European region with €2125 million under management. FSN Capital Funds focus on making control investments in companies operating in the Northern European region with enterprise values between €50 million and €300 million.
About BWB Partners (www.bwbp.dk)
BWB Partners is an owner-led Danish investment firm investing in small and medium-sized companies with a turnover of DKK 150-750 million and strong growth potential. BWB Partners manages the funds BWB Partners I and II, which have a total capital commitment of DKK 2.3 billion and invest on behalf of Danish and international investors.
*FSN Capital GP V Limited acting in its capacity as general partner for and on behalf of each of FSN Capital V L.P., FSN Capital V (B) L.P. and FSN Capital V Invest L.P.