Superglass agrees to £8.7m bid from Russian tycoon

Stirling-based insulation maker Superglass has agreed to a takeover approach from a Russian roofing billionaire.

Ken Munro is set to stay on as Superglass boss following the takeover. Picture: Contributed
Ken Munro is set to stay on as Superglass boss following the takeover. Picture: Contributed

The 5.6p a share offer from Sergey Kolesnikov values the Aim-quoted company at £8.7 million and represents a premium of 114 per cent on yesterday’s closing share price.

When the company floated in 2007, it was valued at more than £100m. The firm has suffered amid weak demand for government-backed energy efficiency schemes, but results in April showed it had trimmed its half-year losses to £500,000, down from £1.9 million a year earlier, following a 2 per cent rise in revenues to £10.5m.

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Superglass, which is being advised on the deal by law firm Maclay Murray & Spens, employs about 150 people and chairman Mark Cubitt said: “This offer is good for all stakeholders in Superglass.

“For shareholders, it represents an all cash premium of 114 per cent to the pre-deal announcement price and a meaningful premium to the 2014 placing price; and for employees it offers the prospect of access to the opportunities, products, distribution channels and funding support of a much larger multinational player in the building materials market to build on the already significant progress made in the last year under the new management team.”

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The deal is being done through Kolesnikov’s Inflection investment company. He is also the president and managing partner of Technonicol, a Russian roofing and insulation group.

He said that, over time, Superglass is set to become the leading distributor of Technonicol Construction’s products in the UK and Ireland.

“This transaction and the commercial partnership between Superglass and Technonicol is a strategic opportunity for all parties, providing Technonicol with a presence in the UK and Irish insulation markets,” Kolesnikov said.

“We are impressed with Superglass’ management team and look forward to working with them.”

Inflection, which is incorporated in Cyprus, said it expects to retain the Superglass head office and manufacturing plant in Stirling under the existing management structure “and that the ongoing development and expansion of the business will be implemented under the leadership of the current chief executive, Ken Munro”.