Sika acquires MBCC; Cinven buys Master Builders Solutions
By Adam FreillConstruction Construction Materials
Specialty chemicals company for the building sector and motor vehicle industry broadens its product and solution offerings.
Sika has completed its acquisition of MBCC Group. To close the transaction and to comply with regulatory requirements, Sika sold MBCC Group’s chemical admixtures assets in Canada, the U.S., the U.K., Europe, Australia and New Zealand to international private equity firm Cinven.
In an announcement from Sika, the company says the purchase of MBCC Group strengthens its growth platform by broadening its product and solution offerings in four of five core technologies and seven of its eight target markets.
The business acquired by Sika generated sales of $3.2 billion in 2022, employs 6,200 people and operates in over 60 countries. Sika says its customers will benefit from an enhanced and more efficient distribution network across all construction markets, with the company expecting to generate annual synergies in the range of $246 million to $277 million by 2026. The combined group is expected to achieve sales in excess of $18.5 billion in 2023.
“Today is a historic day for Sika. We are delighted to welcome the MBCC employees to the Sika family. We embark on our exciting journey and will continue to drive Sika’s growth story,” stated Sika CEO Thomas Hasler. “Thanks to our extensive experience in integrating companies, we will successfully bring Sika and MBCC together and combine our strengths to create the new reference in the construction chemicals industry.”
With Cinven’s acquisition of Master Builders Solutions from Sika, that firm appointed Boris Gorella as CEO of the company. Master Builders Solutions was formed through the combination of the admixtures operations of the MBCC Group in North America and Europe, and both admixtures and construction systems operations in Australia and New Zealand.
Gorella joins Master Builders Solutions with more than 20 years’ experience in senior leadership roles, including significant experience in the chemical and basic material industry.
“I am very excited to join Master Builders Solutions, a company with world-class technologies, proven innovation capabilities, strong brands and very committed employees, at such a pivotal time for the business,” said Gorella. “As an independent company with construction chemicals at its core and under new ownership, I am looking forward to working with Master Builders Solutions’ management and the Cinven team to help the business realise its full potential through new opportunities and a long-term growth strategy.”
Cinven’s acquisition of Master Builders Solutions builds on its expertise in the admixtures market through its successful investment in Chryso. Under the Cinven Funds’ ownership, Chryso grew to become a leading player in the admixtures market. In 2021, it sold that company to the Saint-Gobain group.