24
Mar. 2017
LBO Mid Cap

LBO France enters into exclusive negotiations with Cinven for the sale of Chryso

Paris, 24 March 2017 – LBO France has announced that it has entered into exclusive negotiations for the sale of CHRYSO, one of the four main global specialty chemicals groups for construction materials. The sale of CHRYSO would be the first for the LBO France White Knight IX fund.

CHRYSO is a leading international producer of additives and admixtures which improve the performance of concrete and cement, and construction systems for the repair and maintenance of buildings. Additives and admixtures are used in concrete and cement in order to improve properties such as ease of handling, setting/dying time, fluidity and resistance to mechanical damage. Formulations are manufactured for use in concrete repair, flooring, adhesives and waterproofing.

LBO France acquired CHRYSO in 2014 as a subsidiary of the Materis group, of which LBO France had been the majority shareholder between November 2003 and May 2006, allowing it to become independent. With a turnover of more than 300 million euros in 2016, today CHRYSO is a French construction materials champion on an international scale, known for its high capacity for innovation. The Group, with a footprint in Europe, Africa, the Middle East, Asia and the United States, operates in more than 100 countries worldwide. CHRYSO today has 29 manufacturing facilities and four R&D centres, employing around 1,130 people worldwide.

Robert Daussun, CEO of LBO France said “Alongside the CHRYSO management team, we have proudly achieved three objectives in less than three years: we transformed a subsidiary of the Materis group into an independent, fully-fledged player on a very competitive global market; we accelerated the group’s international development, in particular in the Middle East, India and Asia; and right up until today, the date of sale, we have preserved the group’s independence in the face of huge competition, now by choosing a new financial shareholder which will ensure the integrity of the group and its manufacturing base and will be committed to supporting its future growth.”

Thomas Boulman, Partner at LBO France, added: “CHRYSO has increased its EBITDA by nearly 50% in less than three years. That was no accident. The technical quality of its products and the power of its R&D had a lot to do with it. The geographic choices which were made for its international development and the emphasis placed on acquisitions in growth regions are also part of the explanation. It’s because of this that we are delighted to have been able to provide the company with technical assistance and essential financing.”

Thierry Bernard, Chairman and CEO of CHRYSO Group, concluded: “Over the last three years we have leveraged the experience and know-how of the LBO France teams to move through a major stage in our history, and we are very pleased to be able to maintain our autonomy and independence with a new shareholder.”

The CHRYSO works council will be consulted on the transaction, which will be subject to the customary regulatory approvals.

LBO France is being advised on the transaction by Laurent Baril (Rothschild & Cie), François Vigne (Sycomore Corporate Finance), Xavier Jaspar (Mayer Brown).

About LBO France

As a key player in private equity with €3.6bn of capital under management, LBO France is an independent company that has been supporting French companies in their growth for more than 30 years. Its strategy is based on four investment approaches in non-listed companies, managed by dedicated teams: (i) Mid Cap buyout through the White Knight funds and Small Cap buyout through the Hexagone funds, (ii) Innovation-Capital through the Innovation Capital funds, (iii) Real Estate through the White Stone and Lapillus funds, (iv) Debt. LBO France is 100%-owned by its management and employs almost 60 professionals.

www.lbofrance.com

Press Contacts

Citigate Dewe Rogerson

Aliénor Miens – +33 (0)1 53 32 84 77 – +33 (0)6 64 32 81 75 – alienor.miens@citigate.fr

Daiana Hirte – +33 (0)1 53 32 78 90 – +33 (0)7 60 90 89 12 – daiana.hirte@citigate.fr

 

 

Read Press Release