Bonna Sabla

01 May 2002

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AXA Private Equity is in exclusive negotiations over its bid to acquire Bonna Sabla, a subsidiary of Vivendi Environment. In the process of the deal, AXA Private Equity is expected to acquire 80% of the companyÂ’s equity while the existing management team conserve the balance. The divestment of Bonna Sabla is another in a long line of disposals from the Vivendi Group (formerly la Compagnie GÃ©nÃ©rale des Eaux), which has been such a lucrative source of buyouts for private equity players in the French market. Previous deals from this source include the buyouts of Vivendi Universal Publishing, Nexity Topco and Compagnie GÃ©nÃ©rale des Espaces Verts.

Bonna Sabla is France's leading manufacturer of pre-cast concrete products, operating primarily in civil engineering (water supply, wastewater treatment, urban environment, and railroad sleepers). The company currently holds approximately 30% of the French market through local offices providing full nationwide coverage. As well as its French base, the business also has operations in the United Kingdom, Spain, Tunisia and Egypt. The company posted revenues of EUR 405m in 2001, of which 25% was generated outside France. As has been the case with many French buyouts in recent months, including that of VUP, the vendor is expected to take an active role in the running of the company under the new management team. Restructuring of the business began in 1997, in preparation for a planned sale, culminating in the completion of a merger between the two Vivendi subsidiaries Tuyaux Bonna and Sabla in 2001.