Imerys enters into an exclusivity agreement for the sale of its Roofing
Imerys, the world leader in mineral-based specialties for industry, announces
today that it 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 roofing division Imerys Toiture for an enterprise value of EUR1.0 billion
which implies a transaction multiple of 9 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 EUR300 million in 2017 with ca. 1,000 employees and 14 plants
located in France.
This agreement follows the strategic review conducted by the Board of Directors
on the future perspective of Imerys' Roofing division in connection with the
optimization of the Group's business portfolio and growth profile. The disposal
would 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' approval.
The world leader in mineral-based specialty solutions for industry. with EUR4.6
billion revenue and 18,000 employees in 2017, Imerys delivers high value-added,
functional solutions to a great number of sectors, from processing industries
to consumer goods. The Group draws on its knowledge of applications,
technological expertise and its material science know-how to deliver resources
based on beneficiation of its mineral resources, synthetic minerals and
formulations. These contribute essential properties to customers' products and
performance, including refractoriness, hardness, conductivity, opacity,
durability, purity, lightness, filtration, absorption and repellency. Imerys is
determined to develop responsibly, in particular by fostering the emergence of
environmentally-friendly products and processes.
About Lone Star
Lone Star is a leading private equity firm that invests globally in real
estate, equity, credit, and other assets. Since the establishment of its first
fund in 1995, Lone Star has organized seventeen private equity funds with
aggregate capital commitments exceeding $70 billion.