Houlihan Lokey Advises Sabanci

Transaction: Cimsa - Sabanci - Mannok

Houlihan Lokey is pleased to announce that Çimsa, a global building materials company operating as a subsidiary of Sabanci Holding (Sabanci), has acquired 94.7% of Mannok Holdings DAC (Mannok) for an overall enterprise value of €330 million. The transaction closed on 1 October 2024.

Çimsa is a subsidiary of Sabanci, a Turkish-listed global conglomerate that employs more than 60,000 people across 14 countries and five continents. Sabanci is engaged in a wide range of business activities, including cement and building materials, energy and climate technologies, diversified industrial solutions, and banking and financial services, as well as the retail and digital sectors. In 2023, Sabanci delivered consolidated revenue of €31.5 billion and net income of €600 million.

Mannok was acquired in December 2014 by an investor group. Employing c. 800 people, Mannok comprises two divisions, building products and packaging, which are focused on the Island of Ireland and Great Britain markets. Its key activities focus on the manufacture of cement, concrete, quarry, and aggregate products and insulation materials, as well as the manufacture of packaging products predominantly for the food industry. Mannok’s consolidated unaudited sales and EBITDA for the 12 months ended 30 June 2024 were €293.7 million and €57.5 million, respectively.

The transaction is part of Çimsa’s broader transformation strategy to shift its product portfolio from cement to building materials, diversify its production geographies, and strengthen its local and global supply chains. It marks Çimsa’s third major investment in the past three years and underpins its ambition to become a scale player in the U.K. and Irish markets, where Mannok will serve as a growth hub led by local management.

Houlihan Lokey served as the exclusive financial advisor to Sabanci. This transaction highlights Houlihan Lokey’s differentiated capability to provide significant sector expertise as well as cross-border execution excellence.

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