Japan’s JS Group Corp. Acquires Permasteelisa
for $819 Million
JS Group Corp. (JSGC) in Tokyo, through its consolidated
subsidiary LIXIL Corp., has acquired the entire stock of Italy-based Permasteelisa
from Cima Claddings S.A., a company indirectly controlled by the European
private equity firms InvestIndustrial and Alpha.
According to the share purchase agreement, LIXIL will acquire 25,613544
common shares or 100-percent of the total shares issued and outstanding
of Permasteelisa from Cima. The purchase price is expected to be approximately
$819.4 million USD (573 million EUR). The transaction is subjected to
the approval of competition laws in each country.
Permasteelisa will become a subsidiary of JSGC after the transaction,
and help JSGC reinforce its Asian business, secure the U.S. and European
markets, and further expand its business to the markets across the world,
according to a news release issued by the company.
JS Group, headquartered in Tokyo, is not new to the curtainwall business.
According to its website, the “group commands high market share in curtainwalls
and sashes for commercial buildings and retail stores.” Among its wide-ranging
housing-related businesses, Tokyo-based JS Group owns Japan’s fourth-largest
aluminum sash company, Shin Nikkei, which it purchased in April 2010.
Last October, the company purchased stake in a China-based curtainwall
producer. In 2005, the group formed Asahi Tostem Exterior Building Materials
Co. Ltd. as a joint venture of its exterior wall materials business, Tostem
Corp., with Asahi
Glass Co. Ltd.
Permasteelisa, with its core business in high-end curtainwall,
has operations in 27 countries. According to its website, the group generates
approximately $1.4 billion USD annually.
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