WireCo WorldGroup Inc., Kansas City, Mo., has completed the acquisition of Koninklijke (Royal) Lankhorst Euronete Group B.V. (“Lankhorst/Euronete”). Lankhorst/Euronete holds a leading position in international markets for synthetic ropes, industrial yarns, netting, yachting products and recycled plastic products. In particular, its market position supporting the maritime, fishing and offshore markets provides a strategic fit with existing WireCo product lines.
Following the purchase of Phillystran in 2009 and Oliveira in 2010, this acquisition completes the execution of WireCo’s strategy to establish itself as a major market presence in the global synthetics marketplace.
Headquartered in the Netherlands, Lankhorst/Euronete employs more than 1,300 people worldwide and operates manufacturing facilities in Portugal, Brazil, and the Netherlands. Under the leadership of Jose Gramaxo, Lankhorst/Euronete has focused on building key businesses through innovation and targeted marketing efforts. As a combined organization, WireCo will now have the ability to engineer, design, and produce steel wire ropes and synthetic ropes.
WireCo CEO Ira Glazer said: “We invested in this acquisition for two key reasons: it places WireCo as a market leader in synthetic ropes matching our position in value-added steel wire ropes and it provides WireCo with the most advanced products and technical expertise globally in synthetics. In addition, this acquisition continues to diversify our business mix by product, geography and end market. We are excited about the possibilities this combination of talent and products can deliver to the market.”
Glazer also announced that Gramaxo will join the executive team of WireCo WorldGroup as senior vice president of global synthetics with responsibility for marketing and operations of WireCo’s global synthetics businesses including Phillystran and Oliveira.
Gramaxo said: “By joining forces with WireCo, we have formed a dynamic combination of products and technical expertise that will provide market synergies for all the premium brands offered by the company. We are excited to join a world class organization like WireCo at this time and believe that we can create many opportunities by working together.”
Other recent WireCo acquisitions include Drumet in 2011, CASAR in 2007 and Aceros Camesa in 2005.
Glazer believes all WireCo employees will benefit from the acquisition, adding “We have a track record of investing in what we buy. We will incorporate Lankhorst/Euronete into our global operations, which will create opportunities for all our employees to grow, including our new Lankhorst/Euronete colleagues.”
WireCo is owned by investment funds managed by Paine and Partners, LLC, a private equity firm with offices in New York, Chicago and San Francisco.