Glaston Sells Albat+Wirsam to Constellation Software
November 13, 2012
Glaston Corp. and Constellation Software Inc., acting through its wholly owned subsidiary Friedman Corp., have signed a definite and binding agreement for the sale of 100 percent of the shares in ALBAT+WIRSAM Software GmbH (A+W). According to the announcement, the value of the deal is estimated at EUR 18 million (approximately 23 million USD) and will be finalized upon closing of the transaction. According to the agreement, part of the purchase consideration is contingent.
"The transaction, when completed, will benefit both Glaston and A+W as both parties can put more strategic focus on their core businesses. For Glaston this means glass processing machinery and related services. [A+W], on the other hand, can focus on growth as part of a bigger software group,” says Arto Metsänen, CEO and president of Glaston.
As a result of the purchase, the A+W business will become part of Constellation’s Friedman Operating Group. A+W will operate as an independent division of Friedman, and will continue to develop, enhance and market its glass and fenestration industry software solutions world-wide.
"The acquisition of [A+W] complements the Friedman Operating Group's markets and product portfolio,” says Mark Thompson, CEO of the Friedman Operating Group. “The [A+W] product offering will enable us to further grow our already-strong presence in the glass, fenestration and building-products industries."
Glaston acquired A+W in July 2007 and has operated as a business area within Glaston Group. Closing of the agreement is subject to customary closing conditions including a competition review by the German Federal Cartel Office, which is expected to be completed by the end of 2012, at which time ownership of A+W will transfer to Constellation.