PAI to buy Stella Group in €600m deal

The vendor appointed Lazard last month to handle the process, according to Unquote sister publication Mergermarket.

Stella Group generates €55m EBITDA and is valued at more than €600m, Unquote understands. The auction saw three more sponsors bid for the asset – Cinven, Cobepa and KKR – according to a person familiar with the situation.

ICG and PAI declined to comment.

Last month, Stella Group acquired a majority stake in its competitor Flip from Siparex. 

Previous funding
The sale to another GP represents the fifth LBO since 1998 for La Toulousaine, Stella Group's main brand. The business was first acquired by a pool of investors including 3i and Seventure (which led that investment), and Multicroissance and Viveris Management. The transaction valued La Toulousaine at around €22m. 3i and Seventure divested their stake to Azulis Capital (then Banexi Capital Partenaires) as well as Groupe LFPI and Cita Gestion in 2003.

In 2007, La Toulousaine merged with peer Profalux; the combined business generated a €60m turnover. The company changed hands a third time in June 2010, when Equistone backed the firm's MBO from Azulis and the remaining previous shareholders. Although a deal value was not provided at the time, the transaction is understood to have valued the business at €150m, with €20m reportedly coming from a mezzanine package arranged by Capzanine. ICG subsequently acquired Stella Group for a €300m consideration, according to Unquote sister publication Mergermarket.

Company
Established in 1956 and based in Escalquens, Stella Group is a manufacturer of closing devices such as steel grilles and shutters, sectional doors, aluminium gates and roller blinds. The group manages the four brands La Toulousaine, Profalux, Eveno and Sofermi.

The group employs 900 people and generates sales of €200m, according to a report by Mergermarket.

People
Stella Group – Didier Simon (president).

Advisers
Vendor – Lazard (corporate finance).

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