Eupec is a leading manufacturer of pipeline coatings globally. The company is
headquartered in Northern France and a 100% subsidiary of Mutares. Its product
portfolio includes line pipe coatings, concrete weight coatings, custom coatings, field
joint solutions and reel to reel line pipe coating. With more than 50 years of experience,
Eupec is a trusted and renowned specialist for pipeline coatings and full-service
provider. Eupec is the unique coating company worldwide able to cover a full scope of
coating from line pipe to field joint, including bends. The company serves a diverse
customer base of globally active oil and gas companies from Western and Central
Europe, for projects in the North Sea, Africa and the Middle East. Eupec is the only
coating company worldwide that is able to cover the full range of cover coating from
conduit to field connection, including sheets. Eupec employs around 70 people and
generated sales in 2019 of approximately EUR 14 million.

Strategy
Since the takeover by Mutares, Eupec has successfully completed a turnaround program
and sold its German subsidiary resulting in a capital multiple of ca. 17x for Mutares.
Today, the company follows a growth strategy including continued penetration of its
market segment that showed significant results in 2019. Operationally, one key project
involved boosting productivity at the pipe coating plants. For 2020, Eupec will continue
to position itself as a successful niche supplier in a global market. The company plans to
explore strategic alternatives for its further development in 2020.

Company development
  • January 2012 Eupec
  • February 2017 Eupec Germany
Platform acquisition Add-on acquisition acquired through platform Partial exit