EJ has acquired Fondatel Lecomte

Antwerp – CFI is pleased to announce it acted as the corporate finance advisor to EJ Group Inc. (“EJ”), in the acquisition of the shares in Fondatel Lecomte and of the related companies and operations currently directly or indirectly owned by Bremhove, the investment company of Joris and Enzo Ide. 

About EJ
EJ is a global leader in the design, manufacture and distribution of access solutions for the world’s growing infrastructure. From water and sewer, to drainage, telecommunication, and utility projects, EJ has the solution to fit a project’s needs. The EJ legacy dates back to 1883 when a first manufacturing facility was built in East Jordan, Michigan, USA. Decades later, EJ is a fifth generation enterprise, owned by the Malpass family, that spans six continents.

About Fondatel Lecomte
Fondatel Lecomte, the related companies Fondatel France (France), Opso (Poland) and Stora (Czech Republic) and the related operations of Imcoma and Hermelock, manufacture and distribute cast iron covers, composite covers and polyester concrete drainage channels. It realises ca. EUR 60m in sales.

About the transaction
EJ approached Bremhove to explore a potential transaction. EJ convinced Bremhove to be the right strategic partner and to provide Fondatel Lecomte and related companies and operations a good home for the future. The entire management team and workforce of Fondatel Lecomte and related companies and operations will join EJ upon closing of the transaction. 

CFI’s role in the process
CFI assisted the EJ team throughout the entire process, among others, including formulating a non-binding bid letter, drafting a comprehensive letter of intent after analysing a first set of information, coordinating the due diligence streams covering finance, tax, legal and environmental across 3 juridictions, assisting EJ during the negotiations and supporting the lawyers of EJ drafting the SPA. 

Mr. Padraig Freeman, Executive Vice President Business Development and Strategy of EJ Group Inc.: “We are very grateful for the support provided by CFI during this lengthy and complex transaction process. Their expertise and dedication were key in achieving our goal and securing a successful outcome. We are thrilled welcoming Fondatel Lecomte and related entities in EJ and look forward to the future and the potential this holds for all stakeholders.”