Groupe Solmax acquires GSE Environmental, becomes geosynthetics industry leader

Corporate Finance case study


Groupe Solmax


Corporate Finance


Financial advisory


Groupe Solmax (“Solmax”) is a worldwide leader in the manufacturing of polyethylene geomembranes and offers high-standard containment solutions.

Its products are sold in over 60 countries and are used by the major industrial companies in the mining, energy, waste management, water and civil engineering sectors. Solmax's products are used to protect soils from contamination in applications as critical as the landfills of the world's most populated cities to the tailings or heap leach pads of mining operating in environmentally fragile ecosystems.


Solmax was made aware of GSE Environmental’s (“GSE”) interest in acquiring Solmax to further bolster its leading position in the geomembrane market. Solmax’s shareholders were not interested in divesting and instead offered to buyout GSE.

PwC was selected as Solmax’s financial advisor, assisting in raising the required amount of capital and structuring the deal to ensure a satisfactory participation of Solmax’s existing shareholders in the NewCo.


PwC Corporate Finance (“PwCCF’’) acted as financial advisor to Solmax, raising senior debt, sub debt and equity used to finance the acquisition of GSE, closing adjustments as well as refinancing Solmax’s existing debt facilities. The sub debt and equity were provided by Quebec-based institutional investors, namely Caisse de dépôt et placement du Québec (“CDPQ”) and Fonds de solidarité FTQ (“FSTQ”).

PwCCF was assisted by numerous other lines of services within PwC, including Transaction Services, Canadian Tax, US Tax, International Tax, Delivering Deal Value (integration) and Valuations, which all came together to provide a comprehensive solution to Solmax.


With the acquisition of GSE, Solmax has become the global geosynthetics industry leader, broadening their manufacturing footprint and expanding their commercial network.

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  • Christine Pouliot, Partner, Deals, Montréal office and Managing Director, Corporate Finance

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Christine Pouliot

Partner, Deals, Montréal office and Managing Director, Corporate Finance, PwC Canada

Tel: +1 514 205 5123