Doughty Hanson, a European buyout firm, has paid about €400 million ($512 million), including debt, for KP1, a French industrial group, in a secondary buyout.
Alpha, a French buyout firm, Alpinvest, one of the world’s largest investors in private equity, and Belgian-based Koramic, a roof-tile manufacturer turned financial investor, sold the manufacturer of high-performance prefabricated and pre-stressed concrete products, which they bought in December 2004.
Management is rolling over its investment to take a 25 percent stake in the company, which is expected to generate revenues of €310 million in 2006.
Calyon is mandated lead arranger of debt financing for the acquisition and is thought to be putting up around €270 million of the enterprise value, a source said.
It is Doughty Hanson’s second acquisition in France, following its acquisition of Saft, the high-end industrial battery manufacturer, in January 2004.
The transaction is expected to close in early 2007, pending regulatory clearance.
Doughty Hanson is currently marketing its fifth buyout fund, with a €3 billion target, after abandoning plans to launch a quoted fund this Autumn.
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