Holcim to acquire majority stake in Cementos Pacasmayo

Holcim will acquire a majority stake in Cementos Pacasmayo, a leading Peruvian building-materials and solutions provider with projected 2025 net sales of USD 630m and a 28% EBITDA margin; the target operates three cement plants (~5mtpa), 28 ready‑mix/precast plants, ~300 DINO retail stores and has AI-enabled customer and back‑office capabilities. The transaction values Pacasmayo at approximately USD 1.5bn on a 100% basis (about 8.8x 2025 consensus EBITDA, or 7.1x after estimated run‑rate synergies of ~USD 40m in year three), and Holcim says the deal will be EPS and free‑cash‑flow accretive in year one and ROIC accretive by year three, with closing expected in H1 2026 and subject to regulatory approvals. Strategically, the acquisition accelerates Holcim’s NextGen Growth 2030 expansion in Latin America and complements its Disensa franchise and prior Peruvian bolt‑ons, although customary execution, integration and regulatory risks remain.

Analysis

Holcim announced it will acquire a majority stake in Cementos Pacasmayo, a Peruvian building-materials and solutions provider projected to deliver USD 630 million in net sales and a 28% EBITDA margin in 2025; Pacasmayo operates three cement plants (~5 Mtpa combined), 28 ready-mix/precast plants and ~300 DINO retail stores and has deployed AI platforms for customer engagement and back-office efficiency. The deal is presented as strategically complementary to Holcim’s Disensa franchise and follows prior Peruvian bolt-on acquisitions (Comacsa, Mixercon, Compañía Minera Luren), positioning Holcim to deepen exposure in a region the company describes as ‘‘very profitable.’n
The transaction values Pacasmayo at approximately USD 1.5 billion on a 100% basis, implying an 8.8x multiple on 2025 consensus EBITDA and a pro forma 7.1x multiple after expected run-rate synergies of ~USD 40 million realized in year three; Holcim expects EPS and free-cash-flow accretion in year one and ROIC accretion by year three, with closing targeted in H1 2026 subject to customary conditions and regulatory approvals. The stated synergy and accretion timetable underpins a near-term financial benefit thesis but is contingent on execution of integration activities and regulatory clearance.

The principal investment risks are integration execution, realization timing of the USD 40m synergies and potential regulatory obstacles that could delay close or dilute near-term benefits; Holcim’s forward-looking statements explicitly flag these uncertainties and the possibility that anticipated benefits may not materialize. Investors should track Holcim’s post-announcement disclosures for realized synergy metrics, any integration cost guidance, and reported Pacasmayo performance against 2025 consensus to validate the accretion and ROIC claims.

Key Decisions for Investors

• Consider modestly increasing exposure to Holcim given the company’s guidance that the transaction is EPS and free-cash-flow accretive in year one and that the deal trades at ~7.1x EBITDA post-synergies, while sizing positions to reflect execution and regulatory risk
• Monitor three near-term triggers: regulatory approval progress toward the H1 2026 close window, Holcim’s disclosure of integration costs and cadence for achieving the ~USD 40m run-rate synergies, and reported 2025 EBITDA for Cementos Pacasmayo versus consensus estimates
• If Holcim delays synergy delivery or reports larger-than-expected integration costs, reduce exposure or hedge around event risk until management demonstrates concrete synergy capture and ROIC improvement consistent with the stated timeline