Lone Star Funds to Acquire Imerys Roofing Division
Imerys Toiture, which mainly serves the French construction market, generated revenue of €300 million (approximately $352.2 million) in 2017 with approximately 1,000 employees and 14 plants located in France.
Imerys has entered into an exclusivity agreement with an affiliate of Lone Star Funds, a global private equity firm, for the purpose of the sale of its Imerys Toiture roofing division for an enterprise value of €1 billion (approximately $1.2 billion), which implies a transaction multiple of nine times 2017 EBITDA. Lone Star’s offer is firm, binding and fully financed. Imerys Toiture, which mainly serves the French construction market, generated revenue of €300 million (~ $352.2 million) in 2017 with approximately 1,000 employees and 14 plants located in France.
The agreement follows the Imerys board of directors’ strategic review of the future perspective of Imerys’ Roofing division in connection with the optimization of the group’s business portfolio and growth profile. The board believes that the disposal will strengthen the group’s balance sheet position, supporting its development ambitions in performance materials and functional additives. This operation is expected to be completed by the fourth quarter of 2018 and is subject to the customary relevant workers’ councils consultations and regulatory authorities’ approvals.