Announcement / Press release
BUENAVENTURA GINER INC. to enter into a strategic alliance with IPH Group
Barcelona, 26th September 2016
To further enforce its market position and prepare itself for the challenges of the future, BUENAVENTURA GINER INC. has decided to join forces with IPH Group.
BUENAVENTURA GINER INC. is a leading technical distributor created in 1939 with today`s sales above € 30 million developed through 12 sites in Spain. A constant growth has led the company to become one of the most important references in Spain in the business of Industrial Supplies. BUENAVENTURA GINER INC. has a broad range of products including roller bearings, power transmission and drive technology, pneumatics, hydraulics, sealing technology, lubrication technology, tools and services for maintenance. BUENAVENTURA GINER INC. is managed by a strong management team, including the family., This team will remain at the helm of the company, providing expertise and continuity to the Group.
With sales of more than €1.1 billion, IPH is one of the most important technical distributor groups in Europe. Over the past 10 years, IPH has actively driven consolidation of the industry by adding a number of powerful European players. Today, IPH Group is present in Europe with many strong brands, notably ZITEC and KISTENPFENNIG in Germany, OREXAD in France, MINETTI in Italy and BIESHEUVEL TECHNIEK in the Netherlands.
"This is the right step and the right time to now become part of a European entity with IPH Group, one of the leading companies in the industry in Europe," explains Federico GINER, President of GRUPO GINER. and son of the founder of BUENAVENTURA GINER Inc. "This will strengthen the development of BUENAVENTURA GINER Inc. As part of this process and in line with our long-term commitment to the industry and to BUENAVENTURA GINER Inc., the family remains deeply involved in the development of the company on the Spanish market."
Jose Ramon SURROCA, CEO of BUENAVENTURA GINER Inc. emphasizes: "The market is changing fast. The alliance with IPH will allow us to prepare ourselves better for the changes in the markets and continue on our dynamic growth path. Furthermore, it will give us greater flexibility in particular in the areas of e-commerce, logistics, and continuing our move to large customers` access."
"We have known the BUENAVENTURA GINER INC. family for a very long time and respect BUENAVENTURA GINER INC. as one of the leading players in Spain", states Pierre POULETTY, CEO of IPH, and Walter NEMETZ, Chief Strategy and Development Officer of IPH adds "we are looking forward to working with the GINER family members to more developing our base in Spain."
"BUENAVENTURA GINER INC. has a clear vocation of service to its customers", says its Chief Sales Officer Jordi GIL, "as we are intensively focused to helping our clients to improve their profitability through a high quality service, establishing with them a relationship of trust and confidence, we are sure that the alliance with the IPH group will help us to reinforce this position".
"We are convinced that through this alliance, we will have more access to international accounts, and we will expand our current product range, essential for our growth", adds also Federico Giner Peyra, Key Account Director
The company will remain under the chairmanship of Federico GINER, who will also lead integration into IPH and the development in Spain. He will work together with the project team to develop a strategy on how to strengthen the market position in Spain with the GINER brand. This will call for strong relationships to the main suppliers and strong growth to continue in Spain.
IPH Group is supported by PWC Spain, SL (financial and tax advisors) and Watson Farley & Williams Spain, SL (legal advisors),
BUENAVENTURA GINER INC.is advised by Toda & Nel-Lo Abogados (legal advisor) and Lincoln International (M&A advisor) for this transaction.
About BUENAVENTURA GINER Inc.
BUENAVENTURA GINER INC.is active in Spain where the company operates under the name of GINER. Overall BUENAVENTURA GINER INC. represents a network of 12 branches with more than 135 employees and develop a global revenue of nearly 30 M€.
BUENAVENTURA GINER INC. operates in 6 products segments, with a major part (nearly 75%) done in power transmission and bearings. The company has also a specialized department in services for industrial maintenance in the power transmission and bearings sectors.
BUENAVENTURA GINER INC. together with IPH has previously developed partnerships to serve International Accounts throughout Europe.
BUENAVENTURA GINER INC. has nearly 4.500 active customers and 1.000 well diversified suppliers.
About IPH Group
IPH is known under the name of OREXAD in France, D`HONT in Belgium, ZITEC and KISTENPFENNIG in Germany, MINETTI in Italy, BIESHEUVEL TECHNIEK in the Netherlands, MONTALPINA in Switzerland, NOVOTECH in Romania and ROBOD in Poland. IPH has a turnover of over 1.1bn euros through more than 250 branches and has more than 4000 employees.
While being among the leading player on the European market, IPH or its subsidiary is N°1 in France, N°1 in Germany in power transmission, N°1 in Italy in power transmission, N°2 in the Netherland and N°3 in Belgium.
IPH has more than 100,000 active customers and 15,000 suppliers. IPH operates in 6 product segments: Power transmission, Machining, Tools (hand and motorized), Assembling, Workshop Equipments and Personnel Protection Equipment. Power Transmission segment represents 40% of the sales.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: IPH via GlobeNewswire