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France's Materis in exclusive talks on EUR610 million Kerneos sale

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December 5
6:57 AM 2013

French private equity firm Wendel on Thursday said that its building materials business Materis is in exclusive talks to sell calcium aluminates manufacturer Kerneos. 

According to a report by Reuters, Kerneos will be sold to buyout firm Astorg Partners for EUR610 million (USD827 million). The deal amount represents a multiple of 8.4 times its earnings before interest, tax, depreciation and amortization (EBITDA) over the 12 months to September 30.

The sale is expected to be finalized next year after consultation with employee representative bodies will be concluded. The transaction is also subject to regulatory approvals, the report said. 

Reuters, citing a statement by Wendel, said Materis will use the proceeds of the sale to reduce debt. 

Paris-based Kerneos had sales of EUR366 million and EBITDA of EUR73 million over the 12 months to September 30. It has 1,200 employees in 10 production sites in France, Britain, China, United States, Brazil and South Africa, the report said.  

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