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Reedcapital successfully exits from Cordtech Int
Reedcapital, a private industrial holding, announced that it has completed on November 14, 2016, through RDC 15, the sale of 95% of Cordtech International SAS, to Porcher Industries, a leading international group in the technical textiles sector.
Cordtech International is a known provider of cord technologies for the tire and mechanical rubber goods applications in Europe. Cordtech International was acquired by ReedCapital in 2015 from Milliken Group.
Over the past year, Reedcapital and the management of the portfolio company successfully worked to create a stand-alone company and stabilized the business to a strong and stable profitability through a series of operational and commercial initiatives. Reedcapital will keep a minority stake and will assist in the smooth transition of the business.
Renaud Delaage, Reedcapital’s Managing Partner stated : « We are all incredibly proud of our investment in Cordtech International and what we have been able to achieve together with the leadership team and staff of Saint Julien. This transformation has been a real success and Cordtech International is now ready to move up to a new dimension with Porcher Industries and to pursue its growth. »
Reedcapital, a private industrial holding, announced today it has signed, through RDC 15, an agreement with Milliken Group to acquire Milliken France SAS, a known provider of cord technologies for the tire and mechanical rubber goods applications in Europe. The transaction is expected to close by the end of November. .
Milliken Group’s intent is to refocus and reinforce its portfolio and market position on core strategic technologies and applications in the tire and mechanical rubber goods space within their global footprint.
Renaud Delaage, Reedcapital’s Managing Partner stated, « Milliken France’s is a business with solid fundamentals, strong market position, and a stable base of loyal customers. We’re excited to work with management to build on the strengths of the business and to create significant value with particular focus in France and Europe, the company’s flagship markets. »
Christian Meunier, CEO of Milliken France, commented « We are thrilled to be partnering with RDC, which shares our long-term commitment to the business and pride in our 150-year heritage. Our team is eager to initiate new capital investment projects and new product developments to ensure our future growth plans and continue to meet our customer needs around the world for years to come»
From December 1st 2015, Milliken France S.A.S will change his name to Cordtech International. Christian Meunier, the local Management team and all the associates will stay on board. The change of the ownership will not affect daily business with customers. Cordtech International is committed to continuing to provide customers with the utmost quality and service, and to managing and developing its business in a sustainable manner. Ongoing research and development are also key priorities, as well as maintaining the consistent superiority of its primary products for which the company is known.