Clearwater International advises on €128m sale of HL Plastics

HL Plastics (HLP) has been acquired by Quanex Building Products Corporation (NYSE: NX). Clearwater International advised HLP's shareholders on the deal which is worth €128m.

HLP designs and manufactures world class PVCu extrusions at its state of the art factory in the Midlands. HLP has seen substantial growth in recent years, in no small part due to the launch of the Liniar range in 2008. A business with over 40 years' heritage, HLP has continued to grow and innovate both organically and via acquisition.

Quanex is headquartered in Houston, Texas with locations all around the world. An industry-leading manufacturer of engineered materials and components for building products sold to Original Equipment Manufacturers (OEMs), Quanex designs and produces energy-efficient window and door products, systems and solutions. Quanex places a special emphasis on supplying innovative new products to the fenestration industry.

The purchase of HLP will strengthen Quanex's growth strategy; profitability in the core businesses supported by the acquisition of new businesses which contribute new technologies, products and enhanced scale. The acquisition will deliver on all these fronts, contributing to top and bottom line growth, an expanded presence in the favourable UK market and access to new and complementary product lines.