CD&R to buy 40% stake in Belron group

Francesca Veronesi
20 November 2017

Tweet
Facebook
LinkedIn
Google plus
Send to

Clayton Dubilier & Rice (CD&R) has entered discussions to acquire 40% of vehicle glass repair and replacement service Belron Group from parent company D'Ieteren.

According to press releases, the deal would value Belron at €3bn, with the company's equity valued at €1.55bn. Debt-like items include a dividend payment of €453m.

D'Ieteren and Belron's management team should retain a 60% stake in the business.

Founded in 1805 and headquartered in Brussels, D'Ieteren specialises in automobile distribution in Belgium; it also owns Belron Group as well as notebook maker Moleskine (which it delisted in 2016).

Company
Belron Group was founded in 1897 and is headquartered in Luxembourg. With 2016 sales of €3.3bn, the vehicle glass repair and replacement group serves 11 million customers annually across 34 countries and five continents. The company employs approximately 26,000 staff worldwide.

People
Clayton Dubilier & Rice – Christian Rochat (partner).
D'Ieteren – Axel Miller (CEO).
Belron Group – Gary Lubner (CEO).

Advisers
Equity – Debevoise & Plimpton, Raman Bet-Mansour, Dominic Blaxill, Dexter Hoffman, Matthew Saronson, Richard Ward, Cécile Beurrie, Timothy McIver, Alan Davies, Michelle Gilmore (legal).