Atlas, Britannia, Mueller and Chinese Midea are wanted to buy Esmaltec, says newspaper

Since July 29 it was announced that the Edson Queiroz Group (GEQ) is putting the home appliance industry enamel for sale. Now, according to the newspaper Valor Econômico, potential parties interested in acquiring the company have started to be sought out by the company in recent weeks, to evaluate the business. The Brazilian competitors would be Atlas, Britânia, Mueller and the Chinese Midea.

The business, according to sources in the matter, is evaluated in BRL 600 million and must be advised by Safra. wanted by THE PEOPLE, the GEQ did not deny the operation and stated only that it “does not comment on market speculation”.

Also according to the publication, which highlighted the turnover of BRL 742 million in 2020 as it was 20% lower than in 2019, the Group would be talking to banks in the Faria Lima to advise on the sale of the business, but don’t be in a hurry to complete the operation.

Headquartered in Maracanaú, in the Metropolitan Region of Fortaleza, Esmaltec has a factory covering 90,000 square meters, where 360,000 products, including stoves and drinking fountains, are produced monthly.

Responsible for employment of 3,000 people, between direct and indirect stations, is proud to lead the sale of stoves (30% market share) and drinking fountains (60%) since 2008.

According to the newspaper, Atlas and Britannia would be among the possible buyers, since the business would have synergy with their brands. The information is that the giants Whirlpool and Electrolux would also have been sought.

Atlas and Britânia have already analyzed the company’s numbers, but Valor found out that their interest in Esmaltec is small. “In addition to the acquisition value, of BRL 600 million, for a company with low profit
a year, the Maracanaú plant would still have to be renewed”, said a person familiar with the operation.

In addition, as the factory needs technological updating, the investment would remain with whoever buys the brand, which weighs on the negotiation.

However, the motivator for Mueller and Atlas is that they do not have a factory in the Northeast. Britânia, on the other hand, started to assemble a plant in Linhares (ES) this year, and the unit would be geographically well positioned to serve the Northeast, if necessary. Midea Carrier does not operate in the region either, only in Canoas (RS) and Manaus (AM).

Movements

With a low profile, the holding company that has Nacional Gas, Minalba, Quepar Incorporações and Esperança Agro under its umbrella, has been active in sales and acquisitions in recent years.

In 2018, it acquired the water sector of Nestlé and, at the end of 2010, participated in the consortium that bought the Liquigas of Petrobras, together with Copagaz and Itaúsa, in an operation of BRL 4 billion.

Last month, a new investment announcement: Nacional Gás and partners Copa Energia, the parent company of Liquigás and Copagaz, announced a partnership to build a tank park for Liquefied Petroleum Gas (LPG), cooking gas, in the Complex Industrial Port of Suape, in Pernambuco. The investment, estimated at BRL 1.2 billion, aims to expand the product’s supply capacity in the Northeast region.

Carlos Henrique Rotella, president of GEQ, has been in charge of operations since the beginning of this year, when he assumed the position, replacing Abelardo Rocha. Rotella is the first president of the group outside the family of Edson Queiroz, founder of the holding.

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