Astorg and Abenex initiate Onduline sale

According to Bloomberg, the company could sell for up to €450m, representing eight times Onduline's 2012 EBITDA of €55m.

Astorg, alongside ABN Amro, acquired Onduline's parent company OFIC in March 2006 for €210m. The buyout duo then arranged a €65m recapitalisation of the company in November 2007, in a transaction led by Natixis. The deal saw full repayment of the company's mezzanine holdings and a major part of its convertible bonds paid off.

Established in 1944, Rouen-based Onduline manufactures and sells tar roof coverings. The company employs 1,700 people and operates through 11 sites globally.

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• Topics
• Exits
• France
• Astorg Partners
• ABN Amro
• Natixis