M&A Deal Summary

European Capital, LBO France and Intermediate Capital Group Acquire Terreal SAS

On July 31, 2005, private equity firm European Capital, asset manager LBO France and mezzanine finance firm Intermediate Capital Group acquired building materials company Terreal SAS from Eurazeo PME, The Carlyle Group and Omnes Capital for 860M EUR

Acquisition Highlights
  • This is European Capital’s 1st, LBO France’s 2nd and Intermediate Capital Group’s 5th transaction in the Building Materials sector.
  • This is European Capital’s 12th, LBO France’s 2nd and Intermediate Capital Group’s 20th largest (disclosed) transaction.
  • This is European Capital’s 1st, LBO France’s 13th and Intermediate Capital Group’s 37th transaction in France.

M&A Deal Summary

Date 2005-07-31
Target Terreal SAS
Sector Building Materials
Buyer(s) European Capital
LBO France
Intermediate Capital Group
Sellers(s) Eurazeo PME
The Carlyle Group
Omnes Capital
Deal Type Secondary Buyout
Deal Value 860M EUR

Target

Terreal SAS

Suresnes, France
website
Terreal SAS manufactures clay construction products used for roofs, structural work, wall claddings, and decoration environmental protection. In 2013, Terreal has taken over by creditors.

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Buyer(S) 3

Buyer

European Capital

London, United Kingdom

website


Category Private Equity Firm
Founded 2005
PE ASSETS 1.2B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

European Capital is the European investment affiliate of American Capital. European Capital looks to provide a variety of investment and financing solutions including unitranche debt, mezzanine capital, senior debt, and equity co-investment. Funds are typically used to support buyouts, recapitalizations, finance growth, and make acquisitions. European Capital is sector agnostic, however the Firm has a preference for investments in the consumer, technology, manufacturing, services, and distribution sectors. European Capital was formed in 2005 and is based in London.


DEAL STATS #
Overall 5 of 74
Sector (Building Materials) 1 of 3
Type (Secondary Buyout) 2 of 28
Country (France) 1 of 31
Year (2005) 3 of 9
Size (of disclosed) 12 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-06-01 Amadeus

Madrid, Spain

Amadeus offers distribution solutions for the travel and tourism industries. At its core is the 'GDS' - the Global Distribution System that connects customers and travel agents with travel content options and facilitates booking, payment and fulfillment of flights, hotel bookings, car hire and other products. Amadeus was founded in 1987 and is based in Madrid, Spain.

Buy €4.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-09-01 Moeller Electric Pte.

Singapore, Singapore

Moeller is one of the largest globally active manufacturers of low-voltage electrical distribution and automation components for industrial, commercial and residential applications.

Buy -
Buyer

LBO France

Paris, France

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1985
PE ASSETS 5.4B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

LBO France is an independent private equity group focused on acquiring majority stakes in French firms, or companies with French management. LBO France manages several funds, each targeting different types of businesses. The Firm's mid-market fund looks to acquire majority or minority stakes in companies valued from €100 million to €2.5 billion. The mid-market fund generally looks at companies with predictable sales, profits and cash flow, but will also consider businesses with under-utilized assets. LBO France's small cap fund targets majority stakes in smaller, profitable businesses valued from €10 to €100 million, with strong potential for growth or consolidation. In addition to its equity funds, LBO France also invests in real estate and provides LBO loans issued by medium-sized European companies (enterprise value between €150m and €2bn). LBO France was formed in 1985 and is based in Paris.


DEAL STATS #
Overall 16 of 91
Sector (Building Materials) 2 of 5
Type (Secondary Buyout) 4 of 35
Country (France) 13 of 76
Year (2005) 8 of 8
Size (of disclosed) 2 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-04 AAF La Providence SAS

Paris, France

A major player for all services related to cleanliness in 45 years, Providence is changing his identity and acquires a logo more dynamic and human-oriented setting enhance its concerns for sustainable development.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Groupe EVS SAS

Saint Sylvain d'Anjou, France

Providing a labor expert, the EVS Group operates through its subsidiaries and Techni Euroviande Boneless, to the best of the meat industry to help each day to meet all the challenges of the market.

Buy -
Buyer

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


DEAL STATS #
Overall 140 of 287
Sector (Building Materials) 5 of 12
Type (Secondary Buyout) 28 of 110
Country (France) 37 of 71
Year (2005) 19 of 29
Size (of disclosed) 20 of 82
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-29 Jane Norman

Langholm, United Kingdom

Jane Norman is one of the UK’s most successful young fashion brands, with some of the highest sales per square metre in the industry.

Sell £117M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-01 Link Market Services

Sydney, Australia

Link Market Services (Link) is the second largest provider of shareholder registry services in Australia, New Zealand, India and South Africa.

Buy -

Seller(S) 3

SELLER
DESCRIPTION

Eurazeo PME, formerly known as OFI Private Equity Capital. Eurazeo PME invests equity and mezzanine capital in secondary buyout transactions of unlisted French companies. The Firm looks for opportunities valued between €50 and €250 million. Areas of interest include chemicals, financial services, consumer services, retail, manufacturing, distribution, and life science. Eurazeo PME was formed in 1997 and is based in Paris.


DEAL STATS #
Overall 1 of 28
Sector (Building Materials) 1 of 1
Type (Secondary Buyout) 1 of 15
Country (France) 1 of 20
Year (2005) 1 of 1
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-01 Groupe B&B Hotels Sas

Cedex, France

Groupe B&B Hotels Sas is a budget hotels chain in Europe operating a network of more than 486 budget hotels, across 12 countries with a total of 42,832 rooms. B&B is at the "high-end" of the budget hotel segment, offering high quality at a competitive price, to meet the needs of both business and leisure travelers.

Buy €385M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Axson Technologies SA

Cergy, France

Axson Polymers Technologies designs, formulates and manufactures high-performance resins and composites for advanced technological applications. The original business of design and prototype development lifted the group to the rank of European leader and second worldwide. This position has consolidated its position in the past few years by developing new product lines. The group has a strong international presence with subsidiaries in 12 countries in Europe, the Americas and Asia, via a network of 35 exclusive distributors and 6 production sites.

Buy -
SELLER

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1987
PE ASSETS 376.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 59 of 443
Sector (Building Materials) 1 of 9
Type (Secondary Buyout) 8 of 114
Country (France) 5 of 21
Year (2005) 11 of 19
Size (of disclosed) 36 of 130
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-21 LifeCare Management Services

Plano, Texas, United States

LifeCare Management Services is a long-term acute care hospitals (LTACH's) specializing in the treatment of critically ill or injured patients.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-01 TLI

Seongnam City, South Korea

TLI Incorporated is a fabless semiconductor design company focused on flat-panel displays such as LCD and PDP. TLI is one of the leading suppliers of Timing-Controller IC and is expanding into other products, e.g., driver ICs.

Buy -
SELLER

Omnes Capital

Paris, France

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2004
PE ASSETS 5.7B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Omnes Capital formerly known as Credit Agricole Private Equity (CAPE) is the investment arm of financial services group Credit Agricole. Omnes Capital looks to invest in a range of investment stages and transaction types, including LBO/expansion, venture capital, mezzanine, renewable energy, co-investment, infrastructure, and special situations. The Firm's LBO/expansion group looks to invest €25 to €80 million to support growth initiatives and buyouts of small and mid-cap businesses operating in a variety of industries. Omnes Capital generally invests in businesses operating in France and Italy. Omnes Capital's mezzanine area was formed in 2002 and looks to provide €5 to €30 million of junior capital to similar sized established businesses. In addition to Omnes Capital's traditional equity and subordinated debt investment arm, the Firm also invests in infrastructure projects as well as provides capital for distressed businesses with €10 to €150 million in revenue. Omnes Capital was formed in 2004 and is based in Paris.


DEAL STATS #
Overall 3 of 113
Sector (Building Materials) 1 of 2
Type (Secondary Buyout) 1 of 34
Country (France) 1 of 87
Year (2005) 1 of 2
Size (of disclosed) 5 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-07-18 Xention

Cambridge, United Kingdom

Xention is a biopharmaceutical company specialising in the discovery and development of ion channel-modulating drugs. The Company has potential breakthrough drugs for atrial fibrillation, an area in which it has developed considerable expertise.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-13 Abrisud

Lsle Jourdain, France

Abrisud is a designer, developer, manufacturer, and installer of removable swimming pool enclosures in France, Germany, Belgium, the Netherlands, Luxembourg, Spain, Italy, and England. The company provides low and flat pool enclosures, such as removable, semi-retractable, telescopic, and motorized pool enclosures; and wall-mounted and end-on standing-height pool enclosures. It also offers remote control and solar panels for the motorized enclosures, and hydraulic or electric leverage struts. Abrisud was founded in 1996 and is based in Lsle Jourdain, France.

Buy -