Promat International NV, a subsidiary of the Etex Group NV, has reached an agreement with the shareholders of Microtherm Engineered Solutions NV (Gimv, Sofindev II and KBC Private Equity) on the sale of all Microtherm shares. This transaction is subject to approval by the German competition regulator (Bundeskartellamt). Following approval, the parties expect to complete the transaction within a couple of months.
Microtherm (www.microtherm.be) has been manufacturing high-performance thermal insulation materials based on microporous silica for more than 40 years. As a manufacturer of a broad range of products that are often custom-made, Microtherm Engineered Solutions provides made-to-measure solutions for its customers. Microtherm has offices in Belgium, Japan and the US and employs more than 200 staff.
The Etex Group is a Belgian industrial group specialised in manufacturing and commercialising high-quality building material and systems. Promat International is the Etex Group’s specialist in passive fire protection and high temperature insulation.
The parties have agreed that no additional details will be released at present.