Cinven buys Prezioso from Indigo

According to Cinven the coating and insulation services provider has growth opportunities in international markets it does not already serve, such as Brazil, the Middle East and northern Europe.

Cinven says it was attracted to the firm because it offers exposure to the growing energy production market without a direct link to volatile commodity prices.

Debt
Financing was rolled over by the seven banks that currently back Prezioso.

Previous funding
Indigo acquired control of Prezioso from Silverfleet Capital in 2006, having previously provided mezzanine for Silverfleet's €170m 2002 secondary buyout of the firm.

Barclays Private Equity completed the firm's first buyout, spending an undisclosed amount thought to be less than €50m to buy the company from its private owners.

Company
Saint-Clair-based Prezioso provides coating and insulation to the oil & gas, nuclear and infrastructure industries. It aims to perform essential maintenance work without disrupting the production of its customers.

The company was founded in 1957, employs 2,700 staff worldwide and generated sales of €320m in 2011.

Advisers
Equity – Leonardo, Ludovic Tron (Corporate finance); Bain & Co, Jérôme Brunet (Due diligence); Deloitte, Matthew Jiggins (Financial due diligence), Latham & Watkins, Thomas Forschbach, Nathalie Alibert (Legal); Taj, Arnaud Mourier, Fanny Grillo (Tax due diligence); Marsh, Humbert d'Autichamp, Sophie Tournilhac (Insurance due diligence).

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• Topics
• France
• Industrials
• Buyouts
• France
• Equistone Partners Europe
• Indigo Capital
• Cinven
• Silverfleet Capital
• Deloitte
• Latham & Watkins