Devglass (France) - Dec 2007

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01 December 2007

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European Capital (EC) completed the one-stop buyout of insulated glass manufacturer Devglass. The private equity sponsor took 40% of the company’s equity, while the company’s CEO and chairman retained majority control. EC, which won the deal following an auction run by UBS, invested approximately €100m in equity, senior debt and mezzanine, but later syndicated around €40m of senior debt evenly between Banque Populaire Atlantique and Natixis.

Company

Headquartered in the Vendée region, Devglass purchases glass which it later cuts and assembles into insulating products, which are then sold to window makers. The company currently employs around 350 staff in two production facilities covering the Western half of France. The development strategy will involve opening or acquiring new facilities to complete the group’s geographical coverage. Devglass expects to generate more than €60m in revenues in 2007, equating to an increase of more than 20% per year over the past five years.

People

Stéphane Legrand, Olivia Reveilliez and Olivier Méline were in charge of this transaction for European Capital. Olivier Rambeau is Devglass’ founder, chairman and CEO.

Advisers

Equity - Cleary Gottlieb Steen & Hamilton LLP, Jean-Marie Ambrosi, Valérie Lemaître (Legal)Equity - Fidal, Anne Frotté, Jérôme Margulici, Laurence Mazevet (Legal)Equity - Fidal, Anne Frotté, Jérôme Margulici, Laurence Mazevet (Tax)Equity - Fidal, Anne Frotté, Jérôme Margulici, Laurence Mazevet (Other Due Diligence)Purchaser - Aon Mergers and Acquisitions Group, Delphine Sztermer (Insurance Due Diligence)Purchaser - FACT, Julien Darsy, Xavier Gastaud (Financial Due Diligence)Purchaser - Rise Conseil, Dominique Desailly (Other Due Diligence)Vendor - Lamartine Conseil, Fabien Mauvais, Olivier Renault (Legal)Vendor - UBS Wealth Management, Arnaud Fauqueur, Jérôme Pin , Karine Boulogne-Houtmann (Corporate Finance)