Johnson Matthey has divested Advanced Glass Technologies to Fenzi
Arrowpoint Advisory and Rothschild & Co have advised Johnson Matthey on the divestment of its Advanced Glass Technologies (AGT) business, a leading provider of specialist glass enamels and precious metal pastes, to Fenzi Holdings SPV S.p.A (“Fenzi Group”) for £178m.
Headquartered in Milan, Fenzi Group is a leading chemical company in the glass processing industry. The transaction is subject to consultation with the AGT’s works council in The Netherlands and is expected to formally complete in February 2022.
AGT is a global manufacturer of high-performance materials for the glass, ceramic and electronic industries – with a core specialism in automotive products as a Tier 2 supplier to automotive glass producers. With manufacturing operations in The Netherlands, China, the United Kingdom and the United States, AGT has a strong track record of growth and a unique heritage as part of Johnson Matthey.
This divestment is part of Johnson Matthey’s continuous review of its portfolio to focus on those areas of greatest strategic importance. Proceeds of the sale will be used to further support Johnson Matthey’s strategy, focusing its resources towards growth areas targeted at climate change solutions as it delivers on its vision for a cleaner, healthier world.
Under Fenzi Group ownership, AGT will continue to be led by existing CEO Raymond van der Heijden alongside his incumbent management team.
Sarah Vawda, Corporate Development Director at Johnson Matthey added: “The Arrowpoint Advisory and Rothschild & Co team worked closely with AGT and Johnson Matthey to deliver a successful outcome for our business. Their credentials and experience in executing a carve-out transaction of this size and deep sector knowledge were important to unlocking value in the transaction.”
Alessandro Fenzi, Chief Executive Officer of Fenzi Group commented: “We are delighted to welcome the AGT organisation to the Fenzi Group. AGT’s leadership in glass enamels for the automotive and industrial sectors fits perfectly with our strategy to be the largest and most complete partner for the glass industry worldwide. This partnership brings new innovative technologies to our global customer base. We believe that AGT’s growth will be enhanced under the Fenzi Group.”
Tom Smith, Director at Arrowpoint Advisory, concluded: “We’re delighted to have been able to support Johnson Matthey on this important strategic divestment and a further successful carve-out transaction for Arrowpoint Advisory’s Industrials team. We look forward to watching AGT prosper under its new ownership and I am sure that Fenzi will prove to be an excellent home for the business.”