PE firm lose out on Lafarge gypsum arm

Buyout houses KKR and Advent were understood to be circling the assets earlier this year when Lafarge initiated the sale process.

Building materials group Etex agreed to pay around €850m for an 80% interest in the new business, in which Lafarge would retain a 20% stake. The division, which produces gypsum products including wallboard, plaster and joint compounds, generated revenues of €895m in 2010.

The sale comes as part of a move by Lafarge to divest its non-core assets, as the French cement maker - the second largest in the world by sales - is trying to cut down its €16bn debt burden.

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• Topics
• Buyouts
• Industrials
• Trade sale
• KKR
• Advent International