Blackburn silicone specialist snapped up by US suitor
Blackburn-based Silicone Engineering has been acquired by NYSE-listed Rogers Corporation, for an undisclosed sum.
Silicone Engineering makes silicone material solutions. Founded in 1959, it was a pioneer in the manufacture and supply of silicone rubber for sealing, insulation and protection of applications in a wide range of industrial sectors.
Significant investment in the latest production machinery and technical facilities means the company has one of the best-equipped silicone research and development laboratories in the industry.
With more than 2,000 silicone formulations, it is now Europe’s leading silicone rubber manufacturer and supplier, reporting trailing 12 month revenues of approximately £30m.
Rogers Corporation is a global leader in engineered materials to power, protect and connect the world. It delivers innovative solutions to help customers solve their toughest material challenges.
Its advanced electronic and elastomeric materials are used in applications for EV/HEV, automotive safety and radar systems, mobile devices, renewable energy, wireless infrastructure, energy-efficient motor drives, industrial equipment and more.
Based in Chandler, Arizona, Rogers operates manufacturing facilities in the US, Asia and Europe, with sales offices worldwide. Silicone Engineering will expand Rogers’ existing advanced silicones platform and will provide a European centre of excellence to service customers requiring premium silicone solutions for applications in the EV/HEV, industrial, medical and other markets.
Paul Kinsella, Silicone Engineering managing director, said: “As Europe’s leading silicone rubber manufacturer, Silicone Engineering will be highly complementary to Rogers.
“Rogers will be a great custodian of the business and we are excited about the growth opportunities the partnership brings to both organisations.”
Silicone Engineering was advised by an international team at Alantra, led by Keith Pickering and Richard Benyahia based in Birmingham, UK, and Paul Colone in Boston, US.
This deal is the latest in a series of cross-border transactions in the specialty materials and chemicals sector for Alantra and follows the sales of UK-based H.K. Wentworth to Element Solutions Inc, Austria’s ESIM Chemicals’ Specialty division to US-based Vertellus Specialties, and Belgium’s Solvay to US-based Composites One, as well as advising Everstone Capital on its acquisition of Mumbai-based Calibre.
Keith Pickering, partner and UK head of industrials, said, “The sale to Rogers is an exciting milestone for Silicone Engineering and we are proud to have found a partner for the business that is a global leader in its sector.
“In working with Silicone Engineering, our team was able to leverage their deep understanding of the specialty materials sector, global relationships and local deal execution to enable the shareholders to realise the value created over 20 years. The outcome illustrates the significant value placed on IP-rich, specialty engineered materials businesses with exceptional onshore manufacturing capabilities and a leading position in regional markets.”
Paul Colone, managing partner and global head of Alantra’s specialty materials team, said: “Silicone Engineering is Europe’s leading silicone rubber manufacturer and supplier and its commitment to continuous investment ensures it provides its diverse customer base with the highest quality silicone formulations.
“We’re delighted to be able to add to our successful record advising businesses in the specialty materials sector and we’re grateful to the shareholders for entrusting us with this exciting project and then partnering together to deliver an excellent outcome.”
Paul Kinsella added: “Alantra ran a first class process, understood our strategic and market drivers and what we wanted to achieve from this transaction, and helped us realise an exceptional result for the shareholders and secure the long term future of the business.”