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In line with Çimsa's strategy to grow in sustainable building materials markets and expand its global footprint, a share purchase agreement has been signed on 27.08.2024 to acquire 94.7% of the share capital of Mannok Holdings DAC ("Mannok") by Cimsa Ireland Ltd, a 100%-owned subsidiary of Sabanci Building Solutions BV ("SBS"). SBS is a subsidiary of Çimsa and acts as a growth platform to consolidate international building materials investments by Çimsa. Headquartered in the Republic of Ireland, Mannok engages in the production and sale of cement, downstream cement products (such as roof tiles and precast concrete), insulation materials, and recycled plastic packaging products.
Mannok operates production facilities in the Republic of Ireland and Northern Ireland, as well as a sales and distribution network spanning the Republic of Ireland, Northern Ireland, and Great Britain. Mannok's consolidated unaudited sales and earnings before interest, taxes, depreciation and amortization ("EBITDA") for the twelve months ended 30th June 2024 were EUR 293.7 million and EUR 57.5 million, respectively.
The acquisition serves the purposes of sustaining growth in existing businesses and creating joint synergies by entering new business lines, as well as increasing the share of foreign currency denominated revenues to over 70% of total by diversifying operating geographies and business lines, all of which are in line with Çimsa's growth strategy in its global building materials business.
The total enterprise value for 100% of the share capital in Mannok is amounting to EUR 330 million, and the final purchase price for 94.7% of the shares will be determined after deducting for financial debt and other adjustments at closing, according to the agreement.
Transaction completion will occur following satisfaction of the conditions set forth in the purchase agreement, including receiving approvals from the relevant authorities. Further disclosures will be made available to the public in due course.
In case of a discrepancy between the Turkish and English versions of this public disclosure statement, the Turkish version shall prevail.
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