Ambienta completes tertiary buyout of Calucem from Argus Capital

Mikkel Stern-Peltz
18 April 2016

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Ambienta has completed the SBO of Croatian cement producer Calucem from private equity outfit Argus Capital.

The tertiary buyout comes nearly six years after Argus acquired the business in an SBO from CEE-focused GP Mid Europa Partners, through its Argus Capital Partners II fund. Ambienta financed the deal through its Ambienta Fund II, a 2013-vintage €323.5m buyout vehicle.

Stefano Bacci, Ambienta's partner responsible for the UK and Nordic regions, said in a statement the GP plans to support Calucem's growth globally during its stewardship of the company. Calucem's management will remain in place following the transaction, including CEO Gilles Bonaert who has overseen the company since it first was acquired by private equity.

Previous funding
Calucem first came under private equity ownership in 2006, when Mid Europa spun the company out of German group Heidelberg Cement. Four years later, Mid Europa exited in an SBO to Argus.

Company
Headquartered in Pula, Calucem is a producer of calcium aluminate cement. In addition to its Croatian operations, it operates a bauxite quarry in Turkey and has offices in Germany, the US and Singapore, as well as a presence in the UK and Sweden. It generates turnover of around €50m, selling to customers in 60 countries, with the US and Germany being its largest markets.

People
Ambienta – Stefano Bacci (partner).
Argus Capital – Laszlo Grubits (investment director).
Calucem – Gilles Bonaert (CEO).

Advisers
Vendor – Industry Corporate Finance (M&A); CMS Cameron McKenna (legal); EY (corporate finance).
Equity – Boston Consulting Group (commercial due diligence); Zagrebačka Banka (M&A); Grimaldi Dechert Porobija & Porobija (legal); King & Wood Mallesons (legal); KPMG (financial due diligence); PwC (financial due diligence); CBA (tax); Carbon Trust (environmental due diligence); Rambøll (environmental due diligence).