Background 

  • Adequa is a leading manufacturer of plastic piping systems for water conduction in Spain with over 100 years of market presence and a well recognised brand
  • Adequa was the piping system division of Coemac, a leading player in the building materials sector
  • In 2017, DC Advisory (DC) advised Coemac in the divestment of Pladur, a leader in the Iberian plasterboard market
  • Molecor is a premium molecular orientation technology company and a manufacturer of PVC-O pipes and fittings for the transportation of pressurised water 
  • Opening in 2006, its exponential growth and continuous improvement of products, processes and unique offering as a manufacturer of technology, PVC-O pipes and fittings has made Adequa a global leader in its sector 
  • In September 2020, MCH Private Equity acquired a majority stake in Molecor through a capital raise  

Process 

  • DC was engaged by Coemac in 2019 to provide sell-side M&A advice to support the sale of Adequa
  • In a complex process – which involved insolvency proceedings - DC provided comprehensive financial and strategic advice to Coemac, attracting a number of candidates in a competitive process

Outcome 

  • On September 30, Molecor completed the process of acquiring Adequa 
  • Following this acquisition, Molecor has tripled its previous turnover and become one of the leading companies in the Spanish pipeline market