Lixil Group Corporation, the Japanese owners of Permasteelisa has made public that it is selling the company to US firm Atlas holdings, the owners of Aludium.
Lixil Group has been trying to offload the multinational – the UK’s largest envelope specialist by turnover – for several years, with financial authorities in the US blocking its proposed 2017 sale to Chinese firm Grandland.
The value of the new deal is yet to be disclosed. Connecticut-based Atlas Holdings’ describes its investment strategy as “buying and investing in firms undergoing complex operational and financial challenges”. It owns 20 companies, incorporating aluminium manufacturer Aludium.
In a statement, Lixil Group said: “The sale is part of its strategy to simplify its business structure and reduce risk exposure in its non-core areas of operation outside the water and housing technology business sectors.”
Permasteelisa was founded in Italy, where it retains its headquarters, and expanded across Europe and to Asia, Australasia, and the US in the 1980s and 1990s. It was acquired by Lixil Group from private equity firms Invest Industrial and Alpha for €573m in 2011.
Permasteelisa Group CEO Klaus Lother said: “Permasteelisa drives innovation in the curtain wall sector by integrating design, engineering, manufacturing capabilities, and project management to achieve works of excellence worldwide.”
“We thank Lixil for its full and constant support and are confident that with the ownership and support of Atlas Holdings, we will continue our evolution whilst generating value within the construction sector.”
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