A cross-office team at Squire Sanders has advised Low & Bonar plc, the London Main Market listed international performance materials group with leading positions in niche industrial markets, in its acquisition of Texiplast, a Slovakian producer of high strength geosynthetic products, for a net cash payment of approximately €18.9m (£16.0m) on a debt-free basis. The team also advised Low & Bonar on a placing of 29,626,000 new ordinary shares raising £20.4m (approximately £19.8m net of expenses). The placing was underwritten by Numis Securities Limited and will fund the acquisition and the company’s plans for growth.
London Corporate partner James McKay led on the acquisition with partners Radek Janecek in Squire Sanders’ Prague office and Jana Pagacova in Bratislava; London Corporate partners Giles Distin and Matt Doughty led on the equity fundraising.
Texiplast, founded in 1938, is a manufacturer of soil reinforcement, separation, filtration and erosion control products serving the civil engineering market. The company was acquired by Low & Bonar from Kordarna Plus, a Czech technical textile manufacturer.