PE-backed Cima Claddings sells unit to Japan's JS Group
Private equity-owned Cima Claddings has sold its construction unit Permasteelisa to Japanese aluminum sash maker JS Group Corp. for JPY63 billion ($820 million).
JS Group's subsidiary LIXIL Corporation has purchased more than 25.6 million shares of Italy-based Permasteelisa, whose parent, Cima, is owned by European private equity firms InvestIndustrial and Alpha. Pending regulatory approval in each relevant country, and if approved, Permasteelisa will be incorporated into JS Group's housing equipment business.
Permasteelisa claims to be a leading contractor in the engineering, project management, manufacturing and installation of materials and systems globally. It has operations in 27 countries predominantly in Asia, Europe and North America.
JS Group has been making acquisitions to expand its global reach, and aims to strengthen its production and sales capabilities to achieve JPY1 trillion in overseas sales. In October of last year, it took a 49% stake in Shanghai Meite Curtain Wall Systems, which produces aluminum curtain walls, for $37 million.
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