Astorg is to become the new majority shareholder of Corialis, a 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.
Johan Verstrepen, CEO of Corialis, says: “The entire management team is happy to welcome on board Astorg as our new majority shareholder. From the start, the Astorg team has demonstrated an outstanding understanding of our business and full compatibility with our culture, which are the right fundamentals for a successful partnership. We would also like to express our gratitude to CVC for their support and guidance over the past years.”
François de Mitry, Managing Partner at Astorg, says: “We are teaming up with an exceptional management team, who has built a remarkable company, and has demonstrated its ability to outpace market growth over the past 20 years and through economic cycles. We were also impressed by their passion for sustainable construction products and by their efforts to bring ESG to the fore in the industry.”
Steven Buyse, a Managing Partner at CVC Capital Partners, says: “It has been a pleasure working with Corialis’ world-class management team. Corialis is now undisputedly the leading designer and manufacturer of aluminium systems for windows and doors in Europe.”
Source: Private Equity Wire
