Financial Services Industry
Industry: Email Alert RSS FeedLBO France's record buyout clinches Materis.
Financial News, September, 2003
Byline: David Rothnie
LBO France has agreed to buy Materis, the building materials business of Lafarge, from a trio of financial sponsors for [euro]1.1bn ($1.3bn), in a deal which catapults it into Europe's private equity big league.The firm entered exclusivity with the board of Materis last month after beating competition from Clayton Dubilier & Rice, Bain Capital and Vestar Capital Partners.
The deal is LBO France's first transaction in excess of [euro]1bn and is the largest French buyout of the year. It provides a boost to the French buyout market, which has seen a decline in activity since 2002 and last week suffered a setback when private equity firm PAI was forced to drop its attempted [euro]491m public-to-private takeover of Grandvision, an...
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