Divestiture • Chemicals

Advent International, The Carlyle Group and CVC Capital Partners Acquire Cromology

On January 1, 2001, private equity firms Advent International, The Carlyle Group and CVC Capital Partners acquired chemicals company Cromology from Lafarge SA for 890M EUR

Acquisition Context
  • This is Advent International’s 3rd, The Carlyle Group’s 1st and CVC Capital Partners’ 4th transaction in the Chemicals sector.
  • This is Advent International’s 24th, The Carlyle Group’s 56th and CVC Capital Partners’ 34th largest (disclosed) transaction.
  • This is Advent International’s 7th, The Carlyle Group’s 5th and CVC Capital Partners’ 4th transaction in France.
Investment Fate
  • Cromology was sold to a consortium of financial buyers in 2003 for 1.1B EUR.
  • Cromology was sold to a consortium of financial buyers in 2006 for 1.0B EUR.
  • Cromology was sold to a publicly-traded strategic buyer in 2021 for 1.3B EUR.

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M&A Deal Summary

Date January 1, 2001
Target Cromology
Sector Chemicals
Buyer(s) Advent International
The Carlyle Group
CVC Capital Partners
Sellers(s) Lafarge SA
Deal Type Divestiture
Deal Value 890M EUR

Target Company

Cromology

Clichy, France
Cromology designs, manufactures, sells, and distributes a wide range of decorative paints and products to professionals and consumers through its presence in eight European countries. 65% of its activity is in France, 35% in Southern Europe, and in the rest of the world. Cromology was founded in 1986 and is based in Clichy, France.
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Buyers Overview 3

Buyer

Advent International

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 91.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Advent is a global private equity firm that targets investments in North America, Europe, Asia, and Latin America. Advent's emerging market efforts are concentrated in Central Europe and Latin America. Advent seeks transactions valued between $50 million and $5 billion and can commit up to $2 billion of equity capital per investment. Broad areas of interest include business & financial services, retail & consumer, technology, media, & telecoms, healthcare & life sciences, and industrial. Prospective transaction types include buyouts, growth capital financings, take privates, and recapitalizations. Advent was formed in 1984 and is based in Boston, Massachusetts.


Deal Context for Buyer #
Overall 79 of 353
Sector: Chemicals 3 of 11
Type: Divestiture 4 of 35
Country: France 7 of 17
Year: 2001 1 of 4
Size (of disclosed) 24 of 51
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-01-01 Globopolis.com

Prague, Czech Republic

Globopolis.com, a Prague-based travel and leisure portal, Multilingual culture and lifestyle online guide to Eastern European cities.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-01-25 Fada Pharma SA

Munro, Argentina

Fada Pharma SA is a major supplier to the nation’s leading healthcare institutions, such as Fleming, Fundacion Favaloro, Hospital Italiano, Hospital Britanico and the Ministry of Health. It also sells to nearly all major private hospitals in the Buenos Aires metropolitan area as well as to clinics and retail pharmacies across the country.

Buy -
Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B 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 Context for Buyer #
Overall 77 of 750
Sector: Chemicals 1 of 13
Type: Divestiture 4 of 74
Country: France 5 of 27
Year: 2001 2 of 21
Size (of disclosed) 56 of 137
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-01-01 SBI Life Insurance

Mumbai, India

SBI Life Insurance is an entity that operates as a private life insurance company comprised of individual life and group business, including participating, non-participating, pension, group gratuity, group leave encashment, group superannuation, group immediate annuity, unit-linked insurance products, variable insurance products, health, and microinsurance. SBI Life Insurance was founded in 2000 and is based in Mumbai, Maharashtra.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-01-26 Align

Tempe, Arizona, United States

Align is a medical device company with industry innovative products such as Invisalign clear aligners, iTero Intraoral scanners, and OrthoCAD digital services that help dental professionals achieve the clinical results they expect and deliver effective, cutting-edge dental options to their patients. Align was founded in 1997 and is based in Tempe, Arizona.

Sell -
Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.


Deal Context for Buyer #
Overall 58 of 329
Sector: Chemicals 4 of 12
Type: Divestiture 5 of 40
Country: France 4 of 17
Year: 2001 1 of 4
Size (of disclosed) 34 of 59
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-11-01 Mercury

Seoul, South Korea

Mercury Corp. is a telecommunications equipment manufacturer in South Korea.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-03-01 Zena Group

Aravaca, Spain

Zena Group is a casual dining and fast-food restaurant group, composed of a mix of owned brands such as Foster's Hollywood, Canas y Tapas, Il Tempietto, Nostrus, La Vaca Argentina (a recently acquired leading chain in the Steak House segment) and franchises, including Burger King, Pizza Hut and Kentucky Fried Chicken. Zena Group is based in Aravaca, Spain.

Buy -

Seller Profile 1

SELLER

Lafarge SA

Paris, France

Category Company
Founded 1833
Sector Building Materials
Employees63,038
Revenue 27.4B CHF (2018)
DESCRIPTION

Lafarge is a French industrial building products and materials company focused on cement, construction supplies, and concrete. The Company dates back to 1833 and is based in Paris.


Deal Context for Seller #
Overall 1 of 3
Sector: Chemicals 1 of 1
Type: Divestiture 1 of 3
Country: France 1 of 1
Year: 2001 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-01-01 Lafarge Boral Gypsum Sdn Bhd

Subang Jaya, Malaysia

Lafarge Boral Gypsum Sdn Bhd is a provider of plasterboard, metal stud components, plasters and compounds throughout Asia. LBGA today has the largest plasterboard network in Asia, with leading market shares in the higher growth markets of Korea, Thailand, Indonesia, Vietnam, Malaysia, India and the Philippines, and an established growth platform in China.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-26 MykolaivCement OJSC

Mykolaiv, Ukraine

Mykolaiv Cement is a cement operation located in the Lviv region of Western Ukraine.

Sell €96M

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