CVC in exclusivity over acquisition of Advent's Corialis

The proposed transaction follows just a two-year holding period for Advent, during which time Corialis bolted on South Arfica-based Hinges and Hardware PTY. Under the GP's tenure it also expanded into the Chinese market with the launch of Shanghai-based Accessories Trading Company.

The proposed deal, which requires workers' council consultation, is expected to be completed early next year with the capital coming from CVC's European Fund VI.

This is likely to be one of the last deals backed by fund VI, with fundraising currently underway for fund VII with a target of €12.5bn.

Advent acquired Corialis in 2014 via a secondary buyout from Sagard and Ergon.

Sagard and Ergon had owned the business since January 2007, when they jointly acquired a 75% stake from Motion Equity Partners. The remaining shares in the business were retained by management in the deal, which was reportedly worth around €430m.

This will be the fourth set of private equity owners the company has had in 12 years.

Founded in 1984 and headquartered in Lokeren, Corialis manufactures profile systems for windows and doors.

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