Blackstone acquires Averys in SBO

The acquirer has invested in the business alongside management. Blackstone Capital Partners VII, which closed on $18bn in 2015, was used for the transaction, Unquote understands.

Unquote sister publication Mergermarket reported that Blackstone and Lone Star took part in the auction's second round, in which Averys was being marketed based on circa €75m EBITDA, at an EBITDA multiple of around 8-9x. 

Blackstone declined to comment on the deal valuation. 

The new owner will support the business in its organic growth and M&A activities.

Previous funding
Equistone acquired Averys in 2015 from LBO France. The deal came just months after LBO France had completed a €165m debt refinancing of the business, which left the company's net debt at 3.5x EBITDA. 

Company
Headquartered in Paris, Averys manages the conception, production and installation of storage systems, such as racks, warehouse automation and metallic furniture. The business manages brands including Stow, Storax, Feralco, Duwic and Acial. It generates revenues of more than €600m and employs 1,700 people.

People
Blackstone – Juergen Pinker (senior managing director).
Averys – Jos de Vuyst (chief executive).
Equistone – Guillaume Jacqueau (managing partner).

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