Astorg has entered into exclusive negotiations to acquire Belgium-based aluminium doors and windows systems producer Corialis from CVC Capital Partners.
French publication Les Echos reported that the deal values Corialis in the €1.6-1.7bn region, representing an EBITDA multiple of around 11x.
Astorg is deploying equity via Astorg VII, which held a final close in January 2019 on €4bn, surpassing its €3.2bn target. The firm deploys equity tickets of €100-400m, targeting B2B businesses with enterprise values of more than €200m. The fund can also invest less than 20% of its committed capital via growth investments in companies with smaller enterprise values.
According to a statement, Astorg intends to support the growth plan devised by Corialis's management team. The GP added that it has been impressed by the company's efforts to implement ESG initiatives and to develop sustainable products.
Belgian publication De Tijd reported in January 2021 that CVC was seeking to sell Corialis and had mandated Goldman Sachs for the process.
During CVC's investment period, which began in 2017, the company invested in product development and international expansion, including the acquisition of Portugal-based Lingote, which allowed the company to develop its presence in Iberia.
In June 2001, AAC Capital (formerly the private equity of ABN Amro) invested €12.6m for a stake of 8.5% in Corialis (then known as Aliplast). Mercator & Noordstar also invested €3.97m for an 11.08% stake, according to Unquote Data. At the time, the company posted revenues of €125m and EBITDA of €20m.
Motion Equity Partners (then known as Electra Partners Europe) backed Corialis's MBO in February 2004 in a deal valued at €205m.
Sagard and Ergon acquired a majority stake of around 75% in Corialis from Motion Equity Partners (then known as Cognetas) in January 2007, realising a 3.7x money multiple and an IRR of 54% for Motion. Ardian also provided mezzanine financing to back the deal, which saw Corialis valued at €430m.
In August 2014, Advent International acquired Corialis from Sagard and Ergon. The company generated revenues of €375m.
In March 2017, CVC acquired Corialis from Advent in a deal valued at around €1bn. The company generated 2016 revenues of €500m and EBITDA of €99m. CVC invested via CVC Capital Partners Fund VI, which held a final close in June 2013 on €10.5bn.
Founded in 1984, Corialis produces aluminium windows and doors for both residential and commercial settings. The business is headquartered in Lokeren in Belgium and has 2,700 employees across eight sites in the UK, Belgium, France, Poland, Portugal, Réunion, Serbia and South Africa. The company claims that its aluminium-based products are more sustainable and longer-lasting than PVC-based alternatives.
Corialis reports revenues of €600m and EBITDA of €150m, according to De Tijd.
Corialis – Johan Verstrepen (CEO).
Astorg – François de Mitry (managing partner); Nicolas Marien (partner).
CVC Capital Partners – Steven Buyse (managing partner).
Equity – Rothschild & Co (M&A); Latham & Watkins (legal).
Vendor – Goldman Sachs (M&A); Allen & Overy (legal).
Management – Clifford Chance (legal).
Strategy will target later-stage life sciences businesses, as well as undervalued listed companies
Fund has a special focus on the e-commerce, software, cybersecurity, fintech and blockchain sectors
GP is looking to invest in 35 tech startups in Europe and the US that are focused on the climate
Partners Hubert Deitmers and Martijn Hamann will now be the sole owners of the firm