Pamplona set to buy OGF from Astorg

The sale process was managed by Goldman Sachs. Pamplona is believed to have seen off competition from TDR Capital and Lion Capital. The deal would value OGF at around €900m, Bloomberg reported.

Astorg declined to comment, while Pamplona was not yet available for comment.

Astorg bought OGF alongside previous backer Vestar Capital Partners and management for €780m in 2007. This was the second investment made from Astorg's fourth-generation fund, which reached an €800m final close in 2008. Credit Suisse underwrote a €600m debt package (including revolver and capex), worth approximately 8x EBITDA, at the time of the buyout. The full-bullet package comprised a large B-tranche, a second-lien and a mezzanine facility, according to unquote" data.

Founded in 1844, OGF operates a network of funeral services, with 943 sales outlets, 380 funeral parlors and 45 crematoriums. The group employs 5,500 staff and operates under three main brands: PFG, Roblot and Henri de Borniol. OGF posted a €533m turnover in 2012.

 

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• Topics
• France
• Buyouts
• Exits
• Consumer
• Astorg Partners
• Pamplona Capital Management
• Secondary buyout
• France