Parex USA Inc., a leading building material manufacturer which markets its product under the brands of; Parex, LaHabra, Merkrete, Teifs and El Rey, announced the sale and ownership change of its parent company, ParexGroup, to CVC Capital Partners.
ParexGroup, one of the world’s leading manufacturers of specialty chemicals and ready-to-use mortars for the construction industry, was founded in France by Lafarge in 1978. Since 2001, ParexGroup was one of four companies owned by Materis, a French corporation. Under the new ownership structure, ParexGroup will operate independently and will no longer be affiliated with Materis or its subsidiaries.
ParexGroup has grown significantly with a business model based on specialization, international development, organic growth and selective acquisitions. The sale offers an improved financial structure that will give the company flexibility to accelerate its development on a worldwide level.
“We are now an independent company with a new shareholder, who is strongly motivated to support us with ambition in this new phase of our development,” says Richard Séguin, Chief Executive Officer of ParexGroup. “CVC is one of the largest and most respected financial investors in the world.”