Fiberweb has acquired Boddingtons International Ltd., the parent company of the Boddingtons group of companies. Boddingtons is the only U.K producer of geosynthetic nets as well as a wide range of accessories and laminates for use in civil engineering projects and for temporary ground protection.Its business is highly complementary to Fiberweb’s Wales-based Terram geosynthetics business.There is a long-standing and growing supply relationship between the two businesses, accounting for around 10% of Boddingtons’ sales. There are also links with Fiberweb's Old Hickory, TN-based Typar construction fabrics business.
Boddingtons is based in Maldon, Essex with small manufacturing operations in Loddon, Norfolk and Melbourne, Australia and has sales offices in the U.S. and Germany with a total of 92 employees.
A private U.K.-based company, majority owned by Robin Boddington, its founder who is now retired, and John Warner, its current chief executive, as well as by other current and former employees, Boddington’s sales for the year ended June 30 were £14 million with profit before interest and tax of £1 million. Since 2007, Boddingtons has grown steadily, with a compound annual growth rate between 2007 and 2010 for sales of 21%.
Boddingtons and Fiberweb's existing geotextile business will form a new business unit in the industrial division, Fiberweb Geosynthetics, to be led by Mr. Warner. An important growth initiative for the new division will be investment in a specialty needlepunch geotextile production line in the U.K.
Fiberweb will pay £8.2 million for 100% of the share capital of Boddingtons and will assume net debt of an estimated £1.2 million, according to the company.