Coventya is a global leading developer and supplier of electroplating and surface treatment chemicals.
Headquartered in Paris, Coventya offers a wide range of technically innovative OEM-certified products to its customers in industries including automotive, oil, fashion and construction, predominately in Europe, but also in North America, Brazil and Asia.
Working closely with the management team, Equistone has supported Coventya’s plans for further growth through a buy-and-build strategy, which has resulted in the completion of four build-up acquisitions during the investment period.
In 2011, Coventya acquired the electroplating operations of Chemetall-Rai in India and in the following year, the business expanded its reach into the Brazilian market with the acquisition of UK-based Molecular Technology. In December 2012, a further two acquisitions were completed: Premium Solutions in the United States and Ecostar in Korea. As a result, the business has significantly expanded its geographic footprint into emerging markets and diversified into new industry sectors.
Since Equistone’s investment, Coventya has demonstrated both external and organic growth, with revenue increasing by 28%, from €103.2m in 2011 to €132.2m budgeted for 2016, and EBITDA forecast to grow by 38%.
In May 2016, Equistone sold its Fund III investment in Coventya to Silverfleet Capital. The transaction resulted in a money multiple of 2.7x and an IRR of 23%.
We are delighted with what has been achieved during our partnership with Equistone and we would like to thank them for their support over the past five years.