Cie. de Saint-Gobain SA on Monday, July 6, said it’s agreed to acquire Xypex Chemical Corp., a provider of crystalline waterproofing admixtures and coatings, from TorQuest Partners.

Saint-Gobain didn’t disclose the financial terms of the transaction.

The Deal reported in May that TorQuest had been working with advisers including Piper Sandler Cos. to field takeover offers for Richmond, British Columbia-based Xypex, which was being marketed on roughly $30 million of Ebitda.

The Deal said at the time that the process was in its second round and that all the bidders were strategic buyers, including Sika AG (SIKA), RPM International Inc. (RPM) and Heritage Group portfolio holding Forta Corp., acquired from PNC Riverarch Capital in February.

Founded in 1968, Xypex makes a concrete waterproofing treatment that requires one-time application and both reactivates and self-heals when water arrives. The business serves 90 countries and offers a wide range of waterproofing products in liquid and power form tailored to various concrete uses.

TorQuest acquired the business in an April 2021 deal valued by SPS by With Intelligence at between $50 million and $249 million.

Paris-based Saint-Gobain said its acquisition will strengthen its construction chemicals platform and enhance cross-selling and upselling by adding highly differentiated and complementary technology to its existing waterproofing solutions portfolio.

The company added that Xypex will strengthen its presence in the nonresidential and infrastructure markets, including transportation, water and underground construction applications, and will create significant commercial and operational synergies through the combination of Xypex’s specification-driven model with its existing global footprint, distribution network and construction chemicals platform.

Saint-Gobain designs, manufactures and distributes molded glass products to the residential, nonresidential and infrastructure markets. The company has 162,000 employees in 80 countries.

Saint-Gobain agreed to sell the business of technical trade operator Dahl in Sweden, Norway and Denmark to Kesko Corp. for roughly €1.52 billion ($1.73 billion) last month.

Toronto-based TorQuest is a private equity firm that invests in middle market businesses. Last April, New York-based RidgeLake Partners acquired a minority TorQuest stake for undisclosed terms.

TorQuest raised C$2.1 billion for its sixth fund in 2023.

Saint-Gobain expects the transaction to close to close in the fourth quarter of 2026, subject to customary conditions and regulatory approvals.

TorQuest used BMO Capital Markets Corp. and Ariel Levin, Tyler Huber, Cameron Peterson, Lydia Troy and Leah Caputo of Piper Sandler for financial advice.