Incitec Pivot Limited (ASX: IPL) today announced that it has entered into an agreement to acquire 100% of the shares in Explinvest. Explinvest is the holding company of the Titanobel Group (Titanobel), a leading industrial explosives manufacturer and drilling, blasting and technical services provider based in France.

  • The purchase price of €91m (~ A$142m), on a debt-free and cash-free basis, represents an expected acquisition multiple of 7.8x FY20 EBITDA.
  • This investment is expected to be EPS neutral in the first full year of ownership and EPS accretive from then on as synergies are realised.
  • The acquisition will be funded from IPL’s existing cash and debt reserves.

Consistent with IPL’s strategy, this transaction is highly complementary to Dyno Nobel’s existing operations. It provides access to new markets where Dyno Nobel can leverage its premium technology offering through substitution and growth strategies.

Titanobel has a strong customer base in the mature and stable European market with exposure to the quarry and construction sector, the growing African hard rock sector and the rapidly expanding mining of future-facing minerals in the EMEA region. The company is supported by a well-established manufacturing base in France, which will be key to the delivery of the Dyno Nobel strategy in the region.

The transaction remains subject to the satisfaction of key milestones and conditions, including the French employee works council consultation process, and IPL receiving foreign direct investment regulatory approval from the French Ministry of Economy and Finance. The transaction is expected to complete by June 2022.


Titanobel is a leading French industrial explosives manufacturer providing drilling, blasting and technical services in France and across Europe, as well as in parts of Western and Southern Africa, Asia and the Pacific region.

Titanobel can trace its history back to 1691 and has been a cornerstone of the French explosives industry since that time. With two main business units, explosives as well as drilling and blasting services, Titanobel has a diversified customer base and a presence in more than 30 countries.