France unquote" June 2011
A private equity consortium led by Clayton Dubilier & Rice (CD&R) has acquired French engineering group SPIE from PAI partners for €2.1bn, further highlighting the rude health of the French large-cap market.
The sale was initially to be run as an auction process by Société Générale, but the consortium made a pre-emptive offer that was accepted by PAI. Bain Capital and Carlyle were also reported to have teamed up for a joint bid.
The transaction is the latest in a series of large-cap buyouts and divestments which have considerably propped up France in the PE activity league tables: traditionally trailing behind the UK, France seems to have closed the gap.
In the June 2011 issue of France unquote":
* French activity catching up to UK
* Large exits on the rise
* And more...
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