DC Advisory advises Coemac on the sale of Adequa to Molecor

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