Vallourec plans acquisitions, source says
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Vallourec Heat Exchanger Tubes will pursue acquisitions under its new owner, according to a source familiar with the situation.
The Boulogne-Billancourt, France-based business, acquired by American Industrial Acquisition Corporation (AIAC) on 29 April, has identified a list of global targets, but for now it’s focused on the initial post-closing integration, the source said.
The company has around EUR 100m (USD 113.6m) in annual revenue.
AIAC declined to comment and Vallourec did not respond to requests for comment. Société Générale advised on the transaction.
The source noted that there are synergies with several other companies owned by AIAC. Some of the companies in the portfolio are Vallourec customers, who purchase its titanium tubes for heat exchangers. AIAC's list of current portolio companies includes ACPI, AIP Aerospace, The Carlstar Group, Dynacast, Presstek and Goss, according to its website.
Vallourec is agnostic when it comes to potential geographic locations for targets, said the source. Targets can range from manufacturers of heat exchangers to raw titanium producers. The size of deals can be up to “a couple of hundred million euros,” the source added.
Proprietary Intelligence