Saint-Gobain has entered into a definitive agreement to acquire Ovniver Group, a leading privately-owned construction chemicals player in Mexico and Central America, for $815 million (approximately €740 million) in cash.

Following the acquisitions of Chryso, GCP and FOSROC (underway), this move represents another strategic step in establishing Saint-Gobain’s worldwide presence in construction chemicals, which will have combined sales of €6.5 billion across 76 countries following the acquisition (pro forma).

Ovniver Group is a leading construction chemicals player with a strong commercial and industrial footprint in the high-growth Mexican and Central American markets. With 16 manufacturing plants and around 1,000 employees, Ovniver Group offers a wide range of innovative solutions for residential and non-residential construction markets, including façade coatings, tile adhesives, waterproofing and surface preparation mortars.

This acquisition will be fully financed in cash. The Group will maintain a strong balance sheet with net debt / EBITDA remaining well within the target range (1.5x to 2.0x), taking into account the acquisitions of CSR Limited, FOSROC and OVNIVER Group. Closing of the transaction is subject to customary conditions and is expected in the first half of 2025.

Benoit Bazin, Chairman and Chief Executive Officer of Saint-Gobain, commented: “The acquisition of OVNIVER Group perfectly aligns with our “Grow & Impact” strategic plan. It is an excellent opportunity for Saint-Gobain to further reinforce its presence in construction chemicals and to strengthen its presence in high-growth markets. I am very impressed with OVNIVER Group’s leadership, strategy and outstanding growth development, as well as the team’s track record of excellent execution. The combination of the two groups will boost the rapid expansion of our profitable growth platform in construction chemicals. I look forward to warmly welcoming the OVNIVER Group teams to Saint-Gobain.”

Hector Abella, Chief Executive Officer of OVNIVER Group, commented: “Today marks the beginning of an exciting new chapter in OVNIVER Group’s history. Our focus on delivering the best solutions and customer satisfaction has made us a leading player in Mexico and Central America in our sector. I want to thank all our teams for their outstanding work over man years. Joining Saint-Gobain, a worldwide leader in light and sustainable construction with a well-established presence and strategy for Mexico as well as a global player in construction chemicals is the perfect next step for us. It will enhance our offering by leveraging Saint-Gobain’s innovation and technology in construction chemicals. I look forward to continuing our growth journey within Saint-Gobain.”

BNP Paribas is acting as financial advisor and Galicia is acting as legal counsel to Saint-Gobain in connection with the transaction.