Astorg announces that it has entered in exclusive negotiations to become the new majority shareholder of Corialis, a leading European designer and manufacturer of aluminium systems for windows and doors, from CVC Capital Partners Fund VI. Corialis’ management will reinvest a significant part of their proceeds alongside Astorg.
Founded in 1984 and headquartered in Belgium, Corialis employs c. 2,700 people across eight sites in the UK, Belgium, France, Poland, Portugal, La Reunion, Serbia and South Africa. The company benefits from long-term, secular growth fuelled by the increasing use of aluminium as the eco-friendly material of choice for architectural purposes: unlike competing PVC products, aluminium systems have a longer lifetime and are endlessly recyclable, and thereby help to reduce the environmental footprint of the construction industry. Corialis enjoys leading positions in the countries it operates in as well as best-inclass profitability, underpinned by superior customer service and industrial organisation.
Latham advises Astorg in the transaction with a corporate team led by partners Thomas Forschbach and Alexander Crosthwaite with associates Simon Lange and Julia Lefevre. Partner Frederic Pradelles with associate Laure Maes and Julien Morize advise on antitrust aspects. Latham also advises Astorg on the acquisition financing with a London team led by partner Jay Sadanandan with associates Hayden Teo, Carry Chen and Annabel Cawood.