Astorg and Abenex initiate Onduline sale
Astorg Partners and Abenex Capital are speaking with investment banks as they prepare to offload roofing materials company Onduline.
According to Bloomberg, the company could sell for up to €450m, representing eight times Onduline's 2012 EBITDA of €55m.
Astorg, alongside ABN Amro, acquired Onduline's parent company OFIC in March 2006 for €210m. The buyout duo then arranged a €65m recapitalisation of the company in November 2007, in a transaction led by Natixis. The deal saw full repayment of the company's mezzanine holdings and a major part of its convertible bonds paid off.
Established in 1944, Rouen-based Onduline manufactures and sells tar roof coverings. The company employs 1,700 people and operates through 11 sites globally.
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