CVC acquires Corialis from Advent International

CVC will use capital from CVC Capital Partners Fund VI to finance the transaction. The deal is an exit for Advent, which bought the company in a secondary buyout from Sagard and Ergon in 2014.

CVC entered exclusivity for the asset in December. This is likely to be one of the last deals backed by CVC's Fund VI, with fundraising currently underway for Fund VII with a target of €12.5bn.

The company will continue to expand in its core markets while also looking at new ones. According to a press release, Corialis has expanded its workforce by more than 40% under the ownership of Advent, while EBITDA has grown by 50%.

Debt

A debt package was provided by a consortium of banks including Credit Suisse, UBS, Rabobank, Deutschebank and BNP Paribas. Further details of the debt financing were not disclosed.

Previous funding
In 2001, AAC Capital Benelux invested €16.57m in Corialis, then known as Aliplast. Motion Equity Partners then acquired the company through a €205m buyout in February 2004 before selling the company in a secondary buyout to Sagard and Ergon in 2007 for €430m. Advent acquired the company from the same owners in August 2014, using capital from Advent International GPE VII.

Company
Founded in 1984 and headquartered in Lokeren, Corialis supplies aluminium systems for windows, doors and conservatories to retailers and installation firms. According to the company's website, Corialis currently employs more than 1,900 people and has an annual turnover of around €500m.

People
CVC Capital Partners – Steven Buyse (partner).
Advent International – Michael Ogrinz (managing director).
Corialis – John Verstrepen (CEO).

Advisers
Equity – Credit Suisse (M&A); UBS (M&A); Roland Berger (commercial due diligence); Allen & Overy (legal); EY (financial due diligence).

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• Topics
• Buyouts
• Benelux
• Industrials
• Exits
• CVC Capital Partners
• Belgium
• Advent International
• Secondary buyout