Imerys

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URL : https://www.gbl.be/en/portfolio/imerys

Imerys

Imerys is the world leader in mineral-based specialty solutions for industry

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  • 53.75%
    Share capital 30/09/2018
  • 2,725 EUR M
    Value of the stake 30/09/2018
  • 67.54%
    Voting rights 30/09/2018
  • 3
    Number of representatives in statutory bodies 30/09/2018
Investment Year 1987 Investment history

Imerys extracts, transforms, develops and combines a unique range of minerals to provide functionalities that are key to its customers' products and production processes. These specialities have a very wide range of uses and are becoming increasingly common on growing markets.

 

Performance in 2017

In 2017, the group’s results improved substantially and its cash flow generation was robust. Imerys largely exceeded its growth target for net income from current operations.

2017 was a major year in the rollout of Imerys’ strategy. The group broadened its business portfolio with the acquisition of Kerneos, the world leader in calcium aluminate specialties on the fast-growing building chemicals market. It enhanced its existing offering through several bolt-on acquisitions and developed its international footprint, particularly in China.

Kerneos is consolidated since 18 July 2017 and is already contributing to Imerys’ development. The group confirms its value creation targets, including annual synergies estimated at EUR 23 million within 3 years.

Imerys also completed several bolt-on acquisitions in 2017, which contributed for EUR 133 million to the revenue for the financial year and enabled the group to broaden its specialty offering and develop its geographic presence in emerging countries such as Brazil, India and particularly China, where the group now generates more than 7% of its revenue.

At the General Meeting of May 4, 2018, the Board of Directors will propose a dividend of EUR 2.075 per share, corresponding to an 11% increase compared with 2017 and to 41% of the group’s share of net income from current operations.

Investment case

  • Resilience of the business model
  • Geographic and customer’s final markets diversity
  • Leader in its sector: #1 or #2 in almost all of its markets
  • High added value functional products providing key properties to its customers’ products
  • Low exposure to fluctuations in commodities prices
  • Low risk of substitution due to the low share in the customers' total costs
  • Solid cash-flow generation making it possible to support external growth

Governance

Audit Committee (1/4*) Boards of Directors (3/14*) Strategic Committee (3/8*) Appointments Committee (2/5*) Remuneration Committee (2/6*)
Paul Desmarais III
Paul Desmarais III
Click to see the detailed CV

Paul Desmarais III

Director, Member of the Standing Comittee

Born on 8 June 1982, in Montreal, Quebec, Canada, Canadian nationality.
Paul Desmarais III obtained a Bachelor’s degree in Economics from Harvard University and holds an MBA from INSEAD in Fontainebleau.
He began his career in 2004 at Goldman Sachs in the United States. In 2010 he went to work for Imerys in France as a project manager and in 2012 joined Great-West Lifeco (Canada) as Assistant Vice-President of Risk Management. In May 2014, he was appointed Vice-Chairman of Power Corporation of Canada and Power Financial Corporation.
He has been a Director of Groupe Bruxelles Lambert since 2014.

 		Member Member Member Member
Ian Gallienne
Ian Gallienne
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Ian Gallienne

Co-CEO, Member of the Standing Committee

Born on 23 January 1971, in Boulogne-Billancourt, France, French nationality.
Ian Gallienne holds an MBA from INSEAD in Fontainebleau.
He began his career in Spain, in 1992, as co-founder of a commercial company. From 1995 to 1997 he was Manager of a consulting firm specialised in turning around struggling businesses in France. From 1998 to 2005 he was Manager at the private equity funds Rhone Capital LLC in New York and London. In 2005 he created the private equity fund Ergon Capital in Brussels and was its Managing Director until 2012.
In 2012 he became Co-CEO of Groupe Bruxelles Lambert, which he had been a Director of since 2009.

Member Member Member Member
Colin Hall
Colin Hall
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Colin Hall

Head of Investments

Born on 18 November 1970, US nationality.
Colin Hall has an MBA from the Stanford University Graduate School of Business. He began his career in 1995 as a financial analyst at Morgan Stanley in private equity in New York. In 1997 he joined the Rhône Capital group, a private equity fund, where he held several positions over 10 years, in New York and then in London. In 2009, he co-founded a hedge fund, sponsored by Tiger Management (New York), where he worked until 2011. In 2012, he joined Sienna Capital, a wholly owned subsidiary of GBL grouping together its alternative investments (private equity, debt funds and funds with specific themes) as Managing Director. In 2016, he was appointed GBL Head of Investments.

 		Member Member Member
* Number of GBL's representatives in statutory bodies in relation to the total number of members. Governance information is dated 31/12/2017, except where superseded by more recent public disclosures.