CVC to take Delachaux private for €1.08bn

The group was hitherto majority-owned by holding companies Sogrepar and Sodelho, themselves controlled by the Delachaux family. CVC bought the stakes of some exiting Delachaux shareholders, offering €83 per share.

The Rothschild-run auction process also involved rival GPs PAI partners, Carlyle and KKR, according to media reports. CVC's offer would value the business at €1.08bn.

The private equity firm now owns 63.6% of the company along with the remaining Delachaux shareholders. 35% of the Delachaux Group is still publicly-owned - CVC and the Delachaux family will therefore file an offer to take the company private once the transaction is approved.

Debt
Information on leverage for this transaction remains confidential.

Company
Delachaux is an industrial group headquartered in Gennevilliers and listed on Euronext Paris, with roots dating back to 1902. It specializes in the design, manufacturing, and marketing of industrial products used primarily in the handling, railroad, aeronautics, and automotive sectors.

The group posted a €719m turnover and €110m EBITDA for 2010.

People
Jean-Pierre Colliaut is CEO of Delachaux.

Advisers
Equity - Deutsche Bank (M&A); HSBC (M&A); Linklaters (Legal).
Vendors - Rothschild (M&A); Hoche Société d'Avocats (Legal).
Company - Banque Jean-Philippe Hottinguer & Cie (M&A); Bredin Prat (Legal).

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