Cobepa sells CDH Développement to trade in €81.3m deal

Cobepa, Verlinvest and CDH Management have sold their stakes in the business for an aggregate consideration of €45.1m. The total enterprise value of the business amounts to €81.3m, which equates to around 6.8x CDH's underlying EBITDA for the year ending on 30 June 2019.

The net debt of €36.2m as of 30 June 2019, comprising existing senior third-party bank debt with local lenders, will remain in CDH.

Founded in 1999 and based in London, SigmaRoc is a buy-and-build construction materials group. The acquirer believes it can generate additional profit from CDH Développement's significant reserves of quality limestone aggregate. Post completion, the acquirer plans to invest approximately €8m in CDH's quarrying operations over a two-year period, to extend the site, build a new road and increase efficiencies.

Previous funding
Verlinvest and Cobepa acquired a majority stake in Carrières du Hainaut from previous backer Bencis Capital Partners in 2005. The GPs invested alongside the management team. A year prior to the acquisition, the business generated revenues of €50m, according to Unquote Data.

Company
Founded in 1888, CDH is Europe's largest blue limestone quarry, producing 1.5-2 million tonnes per year, according to a statement. For the 12 months to 30 June 2019, CDH generated unaudited revenue of €45.9m and posted an EBITDA of €12m. Currently 27% of revenue is generated internationally. The company is based in Soignies. 

People
SigmaRoc – Max Vermorken (CEO).

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