ICG to sell Stella Group

Stella is being valued around €600m, based on an EBITDA of around €50m, according to French publication Capital Finance. When bought by ICG from Equistone in 2015, it was valued at around €300m, the publication added.

Its turnover has increased from €150m to more than €200m between 2014 and 2017, especially thanks to the acquisition of Sofermi, Capital Finance reported.

ICG has declined to comment on the sale.

The sale to another GP would represent the fifth LBO since 1998 for La Toulousaine, Stella Group's main brand. The business was first acquired by a pool of investors including 3i and Seventure, which led the investment, and Multicroissance and Viveris Management. The transaction valued La Toulousaine at around €22m. 3i and Seventure divested their stake to Azulis Capital (then Banexi Capital Partenaires) as well as Groupe LFPI and Cita Gestion in 2003.

The business then changed hands a third time in June 2010, when Equistone backed the business's MBO from Azulis and the remaining previous shareholders. Although a deal value was not provided at the time, the transaction is understood to have valued the business at €150m, with €20m reportedly coming from a mezzanine package arranged by Capzanine. ICG subsequently acquired producer Stella Group via a pre-emptive offer put forward by ICG in 2015.

Stella Group is a manufacturer of closing devices such as steel grilles and shutters, sectional doors, aluminium gates and roller blinds. The group manages the four barnds La Toulousaine, Profalux, Eveno and Sofermi. Combined, the three divisions employ 650 people as of 2015.

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