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Neenah Acquires Dutch Specialty Materials Manufacturer

Coldenhove has a leading position in digital transfer media

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By: Tara Olivo

Associate Editor at Nonwovens Industry, Rodman Media

Neenah Paper, Inc. announced it had signed a definitive agreement to purchase all of the outstanding equity of W.A. Sanders Coldenhove Holding B.V. (“Coldenhove”). Coldenhove is a specialty materials manufacturer based in the Netherlands, with a leading position in digital transfer media and other technical products.

Coldenhove has annual sales of over $45 million with EBITDA of approximately $6 million. The company’s advanced media is a critical component used in dye sublimation, a growing method of digital image transfer. The purchase price is expected to be approximately $45 million, subject to final closing adjustments, and will be financed with available cash and short term borrowings. Closing is expected to occur on November 1, and is subject to customary conditions.

“This acquisition adds to our technical products portfolio with products, technologies and a customer base that nicely complement our existing digital transfer business, further accelerating our participation in profitable growing markets,” says John O’Donnell, CEO. “From a financial perspective, the investment provides an attractive return on capital, is immediately accretive, and will deliver mid-teen EBITDA margins in a growing market.”

Additional details about the acquisition will be discussed in Neenah’s third quarter earnings call on November 8.

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