Astorg leads FCI unit auction

Greg Gille
@unquotenews
23 August 2011

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French mid-cap firm Astorg Partners has entered into exclusive negotiations to acquire FCI's microconnections division from Bain Capital, according to sources close to the transaction.

Astorg reportedly pipped its rival AXA Private Equity to the post in the final stages of the auction, which was run by Goldman Sachs and Citigroup.

The unit up for sale is reportedly worth in excess of €600m. The investment is likely to come from Astorg's fifth fund, which closed on €1.05bn in April - its predecessor made its last investment with the Saverglass buyout in May.

Bain Capital acquired FCI, then Areva's connectors subsidiary, for €1.067bn in 2005. A €695m debt package was underwritten by Goldman Sachs and Bank of America.

Versailles-based FCI manufactures connectors for various markets such as automotive, telecommunication infrastructures and consumer and industrial electronics. It posted a €1.28bn turnover in 2010.

The group comprises three divisions: microconnections, electronics, and motorised vehicles. The microconnections unit makes the smallest contribution to the group's turnover with revenues of €202m last year. The division employs 670 staff.