• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deal search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
      • Deals search
      • Exits search
      • Funds search
      • Sponsors search
      • Advisers search
      • LPs search
      • League tables
      • Reports
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
UNQUOTE
  • Exits

LBO France to start receiving offers for Consolis in October

  • Greg Gille
  • 15 July 2016
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

LBO France is set to initiate the disposal process of Consolis, a French producer of concrete elements used in the construction industry, after a 10-year holding period.

LBO France mandated Lazard to manage the disposal process, with DC Advisory advising the company on setting up the acquisition and associated refinancing debt package. The process was initiated in March, initially focusing on drafting vendor due diligence reports, which LBO France expects to be completed by late July.

The GP stated that the information memorandum should be finalised over the summer with a view to receiving indicative offers by early October.

LBO France bought Consolis from IK Investment Partners in 2006 for around €940m, or approximately 7.5x EBITDA. KBC underwrote the debt package at the time, which saw the deal leveraged at approximately 5.5x EBITDA.

Consolis has gone through troubled times since then, seeing its EBITDA more than halve following the financial crisis of 2008 and reportedly breaching several banking covenants.

Consolis underwent a first refinancing in 2011. LBO France was then understood to have injected a further €35m of equity into the firm while lenders loosened debt covenants and extended repayments.

In 2013, Bayside Capital and LBO France injected new debt and an equity into Consolis. Bayside – HIG Capital's credit arm – underwrote new super-senior credit facilities totaling €45m, while LBO France provided another €45m in fresh equity.

The refinancing also included the deferral of senior debt maturities and the conversion into equity-like instruments of approximately half of Consolis's senior debt and all of its junior debt. The company's net debt was reduced from €760m to around €350m.

Consolis manufactures concrete elements used in the construction industry. It posted a €1.36bn turnover and €86m EBITDA last year. That last figure is up from the €75m generated at the time of the 2013 refinancing, but still shy of the €123m posted when LBO France acquired the business in 2006.

The company is the result of the merger of two firms in November 2005, French business Bonna Sabla and Finnish business Consolis. Bonna and Sabla were both founded in the 1890s as a supplier of pressure pipes and a lime manufacturer, respectively, while Consolis commenced operations in the 1940s.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Exits
  • France
  • Industrials
  • France
  • LBO France

More on Exits

Partners Group to release IMs for Civica sale in mid-September
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • Exits
  • 04 September 2023
Actera Group explores strategic options for Celebi Ground Handling
Actera Group explores strategic options for Celebi Ground Handling

Several investors placed bids for the company in 2022 but mismatch in pricing didn't lead to a deal

  • Exits
  • 30 August 2023
Norstat owner Triton Partners explores sale via William Blair
Norstat owner Triton Partners explores sale via William Blair

GP has owned the Norway-headquarterd market research business for almost four years

  • Exits
  • 25 August 2023
IK Investment-backed Eres expected to hit the auction block by 2024
IK Investment-backed Eres expected to hit the auction block by 2024

French employee savings distribution and management firm could be valued at a few hundred million euros

  • Exits
  • 24 August 2023

Latest News

Partners Group to release IMs for Civica sale in mid-September
  • Exits
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
BHM Group builds on PE strategy, eyes European medtech and renewable energy acquisitions
  • Investments
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Czech Republic-headquartered family office is targeting DACH and CEE region deals

  • 01 September 2023
Redalpine expands leadership team amid CHF 1bn-plus fundraise
  • Venture
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Ex-Rocket Internet leader Bettina Curtze joins Swiss VC firm as partner and CFO

  • 31 August 2023
Change Ventures aims to hold final close for EUR 20m third fund by mid-2024
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Estonia-registered VC could bolster LP base with fresh capital from funds-of-funds or pension funds

  • 31 August 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013