Ambienta sells Calucem to Cementos Molins in EUR 150m deal

Ambienta will reap a 2x return on its investment, according to a source close to the situation.

Ambienta completed the SBO of then-Croatian cement producer from private equity outfit Argus Capital in 2016. The tertiary buyout came 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 EUR 323.5m buyout vehicle.

Unicredit acted as mandated lead arranger and sole underwriter on the debt financing to support the 2016 deal.

Company
Headquartered in Manheim, Germany, Calucem is a producer of calcium aluminate cement (CAC), a family of speciality binding materials used in building chemistry and other industries. In addition to its Croatian operations, it operates a bauxite quarry in Turkey and has sales offices in Germany, the US and Singapore.

CAC, in blend with ordinary cement, enhances performance and reduces the needed quantity of cement, sometimes replacing it entirely, according to Ambienta. The GP said this therefore creates a two-faceted environmental impact, by saving materials and reducing the associated CO2 emissions.

Founded in 1925, Calucem has around 180 employees and achieved a turnover of EUR 58m with an EBITDA of EUR 16m during the last 12 months.

People
Ambienta - Stefano Bacci, Francesco Lodrini (partners).

Advisers
Vendor - Houlihan Lokey (M&A); Advancy (commercial due diligence); KPMG (financial due diligence, tax); Ramboll (environmental due diligence); Grimaldi Studio Legale (legal); Shoosmiths (legal).
Acquirer - Evercore (M&A); Cuatrecasas (legal, tax); Deloitte (financial due diligence); Marsh (insurance due diligence).

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