Abénex, Astorg sell Onduline to Naxicap

The company's management team led by Richard Seguin will retain a minority stake alongside the new owners.

French daily Capital Finance reported an enterprise value of €220m for the transaction.

Abénex and Astorg appointed investment banks BNP and Rothschild in 2013 to prepare an exit for the company.

The sale progressed to exclusive talks with Oaktree Capital but the GP could not secure financing for the company due to the political uncertainty created by Russia's invasion of Ukraine in a region where Onduline generated 65% of its sales, according to unquote" sister publication Mergermarket.

Debt for the current transaction was arranged by Goldman Sachs, LGT and Access Capital Partners.

Previous funding
Abénex and Astorg acquired Onduline for an enterprise value of €210m in March 2006. The GPs made the investment from the €250m AAC 2005 and €300m Astorg III funds, respectively. The transaction was supported by a €130m senior debt package arranged by Qualium Investment and €20m of mezzanine from European Capital.

The GPs made a partial realisation through a leveraged recapitalisation in November 2007, taking a €65m debt package arranged by Natixis to repay the whole mezzanine tranche and part of the convertible shareholder bonds.

Company
Paris-headquartered Onduline was founded in 1944 and is a manufacturer and vendor of tar roof coverings. The company employs more than 1,500 people across its 45 commercial subsidiaries and its nine industrial sites. In 2016, it generated a turnover of €250m from its operations in 120 countries. According to publicly available figures, it generates EBITDA of around €53m.

People
Abénex – Hervé Claquin (president); Patrice Verrier (managing partner); Mathieu Mauhourat (manager).
Astorg – Xavier Moreno (chairman); Nicolas Marien (director).
Naxicap Partners – Eric Aveillan, Laurent Chouteau (partners); Simon Ricque (associate).
Onduline – Richard Seguin (CEO).

Advisers
Equity – Edge Avocats, Matthieu Lochardet, Manuelle Delpierre, Adrien Frovo (legal); JP Morgan, Olivier Simon, Benoit Hourdain, Nabil Bouras (M&A); Arsene Taxand, Laurent Partouche, Hélène Leclère, Louis-Augustin Jourdan (tax); EY, Stéphane Vignals, Etienne Rampal, Cédric Devouges, Frédéric Reliquet, Anne-Elisabeth Combes (financial due diligence); Indefi, Emmanuel Parmentier, Joanna Tirbakh (ESG due diligence).
Vendors – Natixis Partners, Jean-Baptiste Marchand, Anne Hiebler (M&A); Paul Hastings, Alexis Terray, Sébastien Crépy, Hortense Diogo (legal); Eight Road Advisor, Christian Berling, Benoit Bastion (financial due diligence); PwC, Fabien Radisic, Bernard Borrely, Cécile Debin (tax).
Company – Scotto & Associés, Adrien Badelon, Cristina Narvaez, Diane Rufenacht (legal); Sycomore Corporate Finance, François Vigne, Laurent Bricco, Marion Pouchain (corporate finance).

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• Topics
• Buyouts
• Exits
• France
• Industrials
• Secondary buyout
• France
• Astorg Partners
• Naxicap