M&A Deal Summary

KKR, Goldman Sachs Merchant Banking and Montagu Private Equity Acquires Legrand SA

On December 1, 2002, private equity firms KKR & Co. L.P., Goldman Sachs Merchant Banking and Montagu Private Equity LLP acquired electrical equipment company Legrand SA for 5.1B EUR

Acquisition Highlights
  • This is KKR’s 2nd, Goldman Sachs Merchant Banking’s 1st and Montagu Private Equity’s 2nd transaction in the Electrical Equipment sector.
  • This is KKR’s 19th, Goldman Sachs Merchant Banking’s 7th and Montagu Private Equity’s 1st largest (disclosed) transaction.
  • This is KKR’s 1st, Goldman Sachs Merchant Banking’s 1st and Montagu Private Equity’s 6th transaction in France.

M&A Deal Summary

Date 2002-12-01
Target Legrand SA
Sector Electrical Equipment
Buyer(s) KKR & Co. L.P.
Goldman Sachs Merchant Banking
Montagu Private Equity LLP
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 5.1B EUR

Target

Legrand SA

Limoges, France
website
Legrand manufactures products and systems for low-voltage electrical installations and data networks used in residential, commercial and industrial buildings. The company operates primarily in France, Italy, Rest of Europe, the United States, and Canada. Legrand was founded in 1865 and is based in Limoges, France.

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Buyer(S) 3

Buyer

KKR & Co. L.P.

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1976
PE ASSETS 367.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

Kohlberg Kravis Roberts & Co. LP (KKR) is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into three business segments which include private markets, public markets, and capital markets and principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will consider investments in a broad range of industries located in North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976, is based in New York City, and has offices throughout the globe.


DEAL STATS #
Overall 20 of 385
Sector (Electrical Equipment) 2 of 3
Type (Buyout (LBO, MBO, MBI)) 6 of 54
Country (France) 1 of 13
Year (2002) 4 of 4
Size (of disclosed) 19 of 84
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-09-01 Argillon GmbH

Germany

Argillon Group is an international group specialising in catalysts and advanced ceramic materials. The group currently manufactures and sells a range of products into a number of different industries. Argillon has leading catalyst technology which is used to control the emissions of oxides of nitrogen (NOx). Its products include catalysts for mobile and stationary applications including heavy and medium duty diesel vehicles; stationary diesel engines; marine applications; and coal, oil and gas fired turbines in power stations.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-10-16 Elmer's Products, Inc.

Columbus, Ohio, United States

Elmer's Products, Inc. is a provider of activity-based adhesive and cutting products that inspire creativity in the classroom, at home, in the office, in the workshop and at the craft table.

Sell -
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

website


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 11 of 170
Sector (Electrical Equipment) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 5 of 32
Country (France) 1 of 6
Year (2002) 4 of 4
Size (of disclosed) 7 of 50
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-07-01 Burger King Worldwide, Inc.

Miami, Florida, United States

Burger King is a global chain of hamburger fast food restaurants headquartered in Miami, Florida. Burger King has more than 12,000 locations around the world.

Buy $2.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-12-11 Seagate Technology PLC

Dublin, Ireland

Seagate Technology PLC is a provider of technology and products enabling people to store, access, and manage information. The Company is committed to providing best-in-class products to help people get information when, where and how they want it. Seagate is the world's largest manufacturer of disc drives magnetic discs and read-write heads, an innovator in tape drives, and a leading developer of Business Intelligence software. Seagate Technology was founded in 1978 and is based in Dublin, Ireland.

Sell -
Buyer

Montagu Private Equity LLP

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1968
PE ASSETS 4.0B EUR
SizeMega
Type Sector Agnostic
DESCRIPTION

Montagu Private Equity is an independent private equity firm focused on European management buyouts and other private equity transactions. The Group looks for opportunities valued between €100 million and €1 billion. Sectors of interest include waste management, business services, consumer goods, food/beverage, aerospace/defense, media, healthcare, transportation, technology hardware, distribution, industrial, energy, and retail. Montagu is owned by its managers as well as HSBC, which owns a 20% stake in the firm. Montagu Private Equity dates back to 1968 and maintains offices in London, Manchester, Paris, Dusseldorf, and Stockholm.


DEAL STATS #
Overall 52 of 110
Sector (Electrical Equipment) 2 of 3
Type (Buyout (LBO, MBO, MBI)) 43 of 59
Country (France) 6 of 19
Year (2002) 4 of 4
Size (of disclosed) 1 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-12-01 Volution Group plc

Crawley, United Kingdom

Volution is a UK manufacturer and distributor of ventilation products. Company operate through two divisions: the Ventilation Group, which primarily supplies ventilation products for residential and commercial construction applications in the UK, the Nordics, the Benelux countries and Germany; and Torin-Sifan, which supplies motors, fans and blowers to OEMs of heating and ventilation products for both residential and commercial construction applications in Europe. Volution Group was founded in 2014 and is based in Crawley, the United Kingdom.

Buy £125M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-02-01 Ampafrance SA

Cholet, France

Ampafrance is the leading European manufacturer of a broad range of baby products including strollers, car seats and other smaller products. Its products are sold under the Bebe Confort, Monbebe, Baby Relax and Babideal brands.

Sell €225M