Astorg to buy Kerneos from Materis for €600m

Kerneos will spin out of Materis, a producer of chemicals and materials used in the construction industry. The investment company bought the business from LBO France for €2bn in 2006 – Wendel currently holds a 75% stake.

The spinout will doubtful be finalised before the first half of 2014, as the process involves consulting the relevant work councils and is subject to regulatory approval.

The deal follows Astorg's unsuccessful attempt to take over Canberra, Areva's US-based nuclear measurement subsidiary, at the beginning of the year. The GP raised €1.05bn for its fifth fund in 2011 after a speedy fundraise and the vehicle has so far been put to work on a single transaction – the acquisition of Microconnections from French connectors manufacturer FCI in Q3 2011.

Astorg recently sold French funeral services provider OGF to Pamplona Capital Management for a reported €900m.

Company
Based in Paris, Kerneos specialises in calcium aluminates for the building chemistry and refractory industries. The company employs 1,200 staff across 10 production sites in France, the UK, the US, China, Brazil and South Africa.

Kerneos posted a €370m turnover for 2013 and sells its products in more than 100 countries.

People
Thierry Timsit led the deal for Astorg. Olivier Legrain is CEO of Materis.

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