ICG acquires Gerflor from AXA PE

The management team will take a stake in the company. Other minority shareholders - including Barclays Private Equity and NiXEN Partners - will also sell their stake in Gerflor.

AXA Private Equity led a consortium of investors to acquire Gerflor for €310m in 2006. Other private equity backers included Barclays Private Equity, NiXEN Partners and ICG - which also contributed mezzanine financing. BNP Paribas underwrote a debt package worth 5.7x EBITDA to finance the buyout.

AXA Private Equity stated that, under its ownership, Gerflor accelerated its diversification into high value-added areas and broadened its geographical footprint. The company increased its sales from €359m in 2006 to €448m in 2010.

Villeurbanne-headquartered Gerflor manufactures and distributes vinyl flooring for professional and residential applications. The group employs around 2,000 people across its 12 manufacturing plants and logistic hubs worldwide.

The acquisition is subject to customary anti-trust approvals and closing is anticipated by the end of March 2011.

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