M&A Deal Summary

TowerBrook Capital Partners and Apollo Global Management Acquire BMI Group

On October 19, 2009, private equity firm TowerBrook Capital Partners and asset manager Apollo Global Management acquired building materials company BMI Group from PAI Partners

Acquisition Highlights
  • This is TowerBrook Capital Partners’ 1st and Apollo Global Management’s 1st transaction in the Building Materials sector.
  • This is TowerBrook Capital Partners’ 2nd and Apollo Global Management’s 2nd transaction in the United Kingdom.
Investment Fate
  • BMI Group went public in 2014.
  • BMI Group was sold to a financial buyer in 2016.
  • BMI Group was sold to a consortium of buyers in 2016 for 1.1B EUR.

M&A Deal Summary

Date 2009-10-19
Target BMI Group
Sector Building Materials
Buyer(s) TowerBrook Capital Partners
Apollo Global Management
Sellers(s) PAI Partners
Deal Type Secondary Buyout

Target

BMI Group

Reading, United Kingdom
BMI Group is a supplier of pitched roofing products. The company manufactures and sells a comprehensive range of concrete and clay tiles for pitched roofs, roofing components, and chimney systems, serving the new build and renovation segments for residential and nonresidential markets. BMI Group is based in Reading, United Kingdom.

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Buyer(S) 2

Buyer

TowerBrook Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2001
PE ASSETS 22.8B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TowerBrook Capital Partners is a private equity firm focused on leveraged buyouts, leveraged build-ups and distressed situation investments throughout North America and Europe. TowerBrook prefers control-oriented investments and actively pursues complex situations that other firms may avoid. Target sectors include consumer services, distribution, beverages, pharmaceuticals, media, technology, communications, software, and healthcare. TowerBrook Capital Partners was established in 2001 and is headquartered in New York City.


DEAL STATS #
Overall 28 of 101
Sector: Building Materials M&A 1 of 3
Type: Secondary Buyout M&A Deals 5 of 29
Country: United Kingdom M&A 2 of 20
Year: 2009 M&A 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-05-01 Wilton Brands

Woodridge, Illinois, United States

Wilton Brands was a distributor of craft and celebration products in the U.S. The business comprised a number of creative consumer products companies, whose diversified product portfolio included baking, cake decorating, candy and cookie making, party and seasonal products, together with scrapbooking, card-making, needlecraft, paint-by-numbers and rubber stamping products, sold through several established consumer brands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-11-20 Hayfin

London, United Kingdom

Hayfin is an independent investment firm that offers lending solutions to European middle-market companies and asset management services to institutional clients. Hayfin was formed in 2009 and is based in London, United Kingdom.

Buy $700M
Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


DEAL STATS #
Overall 20 of 152
Sector: Building Materials M&A 1 of 3
Type: Secondary Buyout M&A Deals 4 of 39
Country: United Kingdom M&A 2 of 11
Year: 2009 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-02 Linens ‘N’ Things

Sacramento, California, United States

Linens ‘N Things is a retailer and brand of home goods and furnishings.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-12-23 Panolam Surface Systems

Shelton, Connecticut, United States

Panolam Surface Systems is a manufacturer of thermally fused melamine (TFM) panels and high-pressure laminates (HPL). TFM and HPL are used to manufacture kitchen and bath cabinetry, residential and commercial furniture, store fixtures, and countertops. Panolam Surface Systems was founded in 1997 and is based in Shelton, Connecticut.

Buy -

Seller(S) 1

SELLER

PAI Partners

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 28.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

PAI Partners is a European private equity firm that makes controlling equity investments in buyout transactions valued in excess of €300 million. PAI is particularly interested in 'investing in consolidating sectors and in markets where growth can be sustained through economic and financial market cycles.' Sectors of interest include consumer retail, professional distribution, building materials, infrastructure and utilities, media, IT, communications, food, consumer goods, healthcare, chemicals, automotive, aeronautics, paper & packaging, electrical appliances, and household equipment (heating, air-conditioning, security). The firms invest in the range of €100 - €300 million transaction. PAI was formed in 1998 and is based in Paris with additional offices in Madrid, Milan, Munich, Luxembourg, Copenhagen, and London.


DEAL STATS #
Overall 15 of 52
Sector: Building Materials M&A 1 of 2
Type: Secondary Buyout M&A Deals 7 of 26
Country: United Kingdom M&A 1 of 8
Year: 2009 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-01 Saeco International Group

Gaggio Montano, Italy

Saeco is the leading European automatic espresso coffee machines manufacturer. Saeco designs, manufactures and distributes espresso coffee machines (manual or automatic) for home and professional use both under its own brands ('Saeco', 'Gaggia' and 'Spidem') and on behalf of third party.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-06-11 Cerba

Frepillon, France

Cerba is a laboratory in specialized biology, offers a comprehensive range of tests with high medical value, covering a wide range of specialties. It is active in all three segments of the clinical pathology business, namely esoteric, routine and central lab. Cerba was founded in 1967 and is based in Frepillon, France.

Buy -