Statement from the Competition Council regarding the economic concentration project concerning the joint takeover by the company “Kartesia Management, SARL”, of the company “Derivados Asfálticos Normalizados SA”, through the acquisition of a minority stake in the share capital and associated voting rights, with and alongside the company “Riocal SL”

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the following “operation summary” containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this statement does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups involved:

• The acquirer: The company “Kartesia Management, SARL”;
• The seller: The company “Riocal SL”;
• The target: The company “Derivados Asfálticos Normalizados, SA”.

Nature of the operation

• Joint control acquisition.

Economic sectors concerned

• Supply sector of insulation materials, thermal insulation systems, and mortars.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this statement, i.e. January 16, 2025.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council received notification of an economic concentration operation concerning the joint takeover by the company “Kartesia Management SARL”, through its subsidiaries “Kartesia Securities V SARL” and “Kartesia Topco VI SARL”, of the company “Derivados Asfálticos Normalizados, SA”, by acquiring a minority stake in the share capital and associated voting rights, with and alongside the company “Riocal SL”.

“Kartesia Management, SARL” is a Luxembourg limited liability company registered under number B179289, with its registered office at 5-7 rue Léon Laval, L-3372 Leudelange, Grand Duchy of Luxembourg. Its main activity is the management of collective investment undertakings in accordance with European Directive 2017/61/EU, specializing in debt, equity, and hybrid capital investments in private companies. It operates in several European countries (Netherlands, Belgium, Luxembourg, Italy, Germany, France, Spain, and the United Kingdom).

“Riocal SL” is a Spanish limited liability company registered under number B78822210, with its registered office at Calle de la Granja, 3, 28018 Alcobendas (Madrid). It is a holding company that holds interests and supports the management of businesses.

“Derivados Asfálticos Normalizados, SA” is a Spanish public limited company registered with the Madrid Commercial Registry under number 37588, with its registered office at Calle de la Granja, 3, 28018 Alcobendas (Madrid). It has several subsidiaries in France, Portugal, the United Kingdom, Colombia, Morocco, and India, engaged in the manufacture and marketing of asphalt sheets, as well as insulating and soundproofing products, construction auxiliary products, and any chemical product directly or indirectly related to construction.

 

Done in Rabat, on January 2, 2025