March 27th, 2014
We are pleased to report that on March 27th, 2014, Wendel, one of Europe’s leading listed investment firms, announced that Materis has entered into exclusive negotiations with CVC Capital Partners regarding the sale of ParexGroup for a consideration of 880 million euros.
Headquartered in Issy-les-Moulineaux, France, ParexGroup, a division of Materis, is a leading worldwide manufacturer of specialty dry-mix solutions for use in the global construction industry. With 3,550 employees in 21 countries, 61 manufacturing facilities and 9 R&D centers, ParexGroup achieved 755 million euros in sales in 2013. ParexGroup has strong presence in Western Europe, Asia Pacific, South and North America, North Africa and the Middle East and historically demonstrated strong growth in emerging markets now accounting for 48% of sales.
Completion of the transaction is subject to prior consultation with the central works council, final agreement between Materis and CVC Capital Partners and, if necessary, competition authority clearance.
In the context of the transaction, Sycomore Corporate Finance acted as exclusive financial adviser to ParexGroup’s management. The transaction team comprised François Vigne, Pierre-Arnaud de Lacharrière, Tristan Dupont, Vincent Moutte and Simon Portier.