M&A Deal Summary

LBO France and EMZ Partners Acquire Chryso

On October 31, 2014, asset manager LBO France and mezzanine finance firm EMZ Partners acquired chemicals company Chryso from Cromology for 285M EUR

Acquisition Highlights
  • This is LBO France’s 2nd and EMZ Partners’ 1st transaction in the Chemicals sector.
  • This is LBO France’s 8th and EMZ Partners’ largest (disclosed) transaction.
  • This is LBO France’s 51st and EMZ Partners’ 1st transaction in France.
Investment Fate
  • Chryso was sold to a consortium of financial buyers in 2017.
  • Chryso was sold to a publicly-traded strategic buyer in 2021.

M&A Deal Summary
Date 2014-10-31
Target Chryso
Sector Chemicals
Buyer(s) LBO France
EMZ Partners
Sellers(s) Cromology
Deal Type Divestiture
Deal Value 285M EUR
Advisor(s) Dechert (Legal)

Target

Chryso

Issy-les-Moulineaux, France
Chryso is an international producer of additives and admixtures which improve the performance of concrete and cement, and construction systems for the repair and maintenance of buildings. Additives and admixtures are used in concrete and cement in order to improve properties such as ease of handling, setting/dying time, fluidity, and resistance to mechanical damage. Formulations are manufactured for use in concrete repair, flooring, adhesives, and waterproofing. Chryso is based in Issy-les-Moulineaux, France.

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Buyer(S) 2

Buyer

LBO France

Paris, France

Investor Investor Investor Investor Investor

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 60 of 91
Sector (Chemicals) 2 of 2
Type (Divestiture) 3 of 3
Country (France) 51 of 76
Year (2014) 6 of 7
Size (of disclosed) 8 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-29 Payot

Neuilly-sur-Seine, France

Payot is a cosmetics company selling c.200 skin care references to consumers and beauty professionals. Payot products are mainly distributed through beauty salons and spas and also through selective perfumeries and more recently through pharmacies. Payot was founded in 1920 and is based in Neuilly-sur-Seine, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-18 FH Orthopedics

Heimsbrunn, France

FH Orthopedics is an orthopedic company which designs, manufactures and commercializes prosthesis and the associated instrumentation. The company covers (i) joint replacement, i.e knee, and hip; (ii) prosthesis for shoulder and foot; (iii) sports surgery especially ligaments; and (iv) spine.

Buy -
Buyer

EMZ Partners

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1990
PE ASSETS 2.6B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

EMZ Partners is a provider of long-term capital solutions to help companies fund buyouts, acquisitions, and other financing needs. The Firm does not have any sector preferences and looks to invest between €10 and €120 million per transaction. EMZ Partners was established in 1999 and is headquartered in Paris.

DEAL STATS #
Overall 1 of 15
Sector (Chemicals) 1 of 2
Type (Divestiture) 1 of 1
Country (France) 1 of 7
Year (2014) 1 of 1
Size (of disclosed) 1 of 3
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-21 Safic-Alcan

La Defense, France

Safic-Alcan is a distributor of specialty chemicals, develops and provides a large range of polymers, materials and additives for the rubber, coatings, pharmaceuticals and cosmetics industries. Safic-Alcan was founded in 1847 and is based in La Défense, France.

Buy €250M

Seller(S) 1

SELLER

Cromology

Clichy, France
Category Company
Founded 1986
Sector Chemicals
Employees3,650
Revenue 665M EUR (2018)
DESCRIPTION

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.

DEAL STATS #
Overall 2 of 2
Sector (Chemicals) 1 of 1
Type (Divestiture) 2 of 2
Country (France) 2 of 2
Year (2014) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-26 ParexGroup SA

Issy-les-Moulineaux Cedex, France

ParexGroup SA is a provider of specialty dry-mix solutions for the construction industry. The company offers a broad range of products under recognized brands through three core business lines: façade decoration and protection, ceramic tiles setting materials and waterproofing systems. Parex products range is exposed to various end-markets within the construction industry, notably renovation and residential new build.

Sell -
Mergr

Product

Company

Legal