IK passes concrete maker to LBO France

Industri Kapital has sold on Consolis in a secondary buyout, making three times its money after a buy-and-build in 2005.

Industri Kapital, a European private equity firm, has sold Consolis, a European concrete company, to private equity fund LBO France, for an undisclosed sum. 

Consolis: manufactures concrete walls, tiles and floors

Industri Kapital helped create the business in 2005, buying Bonna Sabla, a company based in France, in October and merging it with Consolis of Finland in November. According to Industri Kapital, the combined company will have sales of €1.2 billion and earnings before interest, taxes, depreciation and amortisation of €123 million in 2006.

According to Christopher Masek, a partner at Industri Kapital, the firm achieved a money multiple “just shy of three times” and a triple digit internal rate of return from selling the business to LBO France.

KBC Financial Products provided financing to LBO France. Industri Kapital’s financial advice came from Rothschild, KPMG and Bain & Company, while legal advice came from White & Case.

LBO France is a Paris-based financial sponsor that invests in companies worth between €10 million and €1.5 billion.

Industri Kapital, which invests mainly in mid-market companies, manages almost €4 billion in fund commitments.  Last week it bought Attendo, a care services company for older and disabled people in the Nordic region, for an undisclosed amount.