FRANCE - 21 Centrale sees Arjowiggins Security deal cancelled

Sequana launched the sales process in June 2008 in order to deleverage the group, and granted exclusivity to 21 Centrale Partners. While some bids were close to Sequana's asking price of EUR 300-400m, the structure and terms of the deals were found to be unacceptable. Furthermore, the Arjowiggins Security division saw revenues increase by 6%, with an operating margin of 12%, in the first half of 2009.

This is the second deal 21 Central has seen cancelled. Earlier this year, the GP saw Indigo Capital pull out of the sale of Prezioso after 21 Central had signed exclusivity with the vendor.

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