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FRANCE - Vulcanic changes hands

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AXA Private Equity has sold its interest in Vulcanic Group, a European electrothermics and instrument transformer manufacturer, to 21 Centrale Partners and the company's management for EUR 82.5m

Following the secondary buyout, 21 Centrale Partners has 68% of the company's equity, with management taking the balance. CIC and IKB underwrote the EUR 60m debt package which comprised senior and mezzanine financing. The deal's auction was orgainsed by Hawkpoint. Founded in 1973, Vulcanic now employs 437 staff and generated a 2005 turnover of EUR 50m. François Barbier of 21 Centrale Partners says Vulcanic aims to continue to strengthen its European leader position. AXA originally purchased Vulcanic in take-private from the Second Marché in 2000 for about EUR 40m.
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