The global leader in providing specialized sealing products and solutions for the energy market, the Flexitallic Group, announced that it would be acquired by Bridgeport, the international private equity firm.
The majority shareholder in the Flexitallic Group has been the investment group Eurazeo PME. WIth the transfer, Eurazeo would maintain a minority stake over the company.
The price tag for the acquisition is Eur450 million which still requires competition regulation clearance. It is expected the deal would be completed by July.
According to Remi Toledano, the President and CEO of the Flexitallic Group, "Eurazeo PME's support has helped us become a global benchmark for corporate excellence in the oil and gas, chemical and petrochemical industries. Bridgepoint's investment comes at a key moment in our history. Having already doubled in size in the last two years, The Flexitallic Group will now have the support of a new shareholder to help it pursue not only further penetration of our traditional markets in the US and Europe, but also further international expansion, notably China, where we are positioned to supply the developing nuclear industry. We will also continue to invest significantly in innovation to enable us to serve clients worldwide."
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