Dexion, the UK based materials handling and storage products specialist in September announced a planned merger with Constructor, the Norwegian storage group owned by the listed Aker RGI holding company. The merger came just nine months after Apax led a GBP70 million buyout of Dexion from Interlake Corp. of the US. The enlarged group, called Constructor Dexion, will have a turnover of approximately GBP350 million (ecu 497 million) and employ more than 3,200 people.
Apax will have a 42% shareholding in the new company alongside Aker, with 50%, and management, who hold the balance.
The two companies complement one another in terms of product range and geographical coverage. Dexion, which last year made GBP9.2 million EBITDA on sales of GBP173 million, manufactures tracking, shelving, interiors and conveyors. It has sales offices in 16 countries worldwide and uses third-party distributors in a further 70 national markets. Constructor, which last year made GBP10.1 million EBITDA on its GBP161 million turnover, has manufacturing plants in Switzerland, Malaysia, Sweden, Finland, Holland, Germany and the US, as well as in its domestic market. The company also has 17 overseas sales offices and enjoys broader international coverage through a network of third-party distributors.
Following the merger, Constructor Dexion will rank as one of the four largest storage and archiving companies in the world. The group is likely to seek a London Stock Exchange listing within three years.