The deal underscores the massive success of Belron since fellow buyout house Clayton Dubilier & Rice bought into the company in 2018 at a roughly €3bn valuation.
BlackRock, Hellman and Singapore sovereign investor GIC have agreed to buy a combined 13% stake in the business.
CD&R will continue to hold 24% of Belron, down from its initial 40%, while D’Ieteren Group remains majority stakeholder with 50.01%.
Subscribe to our Newsletter to increase your edge. Don’t worry about the news anymore, through our newsletter you’ll receive weekly access to what is happening. Join 120,000 other PE professionals today.
The agreement also precedes a new capital allocation policy with an intention to gradually reduce Belron’s leverage to 3x EBITDA by 2025, down from 4.1x after the last refinancing on April 1.
Belron operates in 40 countries through brands including Carglass, Safelite and Autoglass. It also manages vehicle glass and other insurance claims on behalf of insurance customers.
The company had sales of €3.89bn in the 2020 financial year and adjusted operating profit of €583m.
Source: Alt Assets
Can’t stop reading? Read more
Lyric Capital leads $1bn financing talks backed by The Weeknd’s music rights
Lyric Capital leads $1bn financing talks backed by The Weeknd’s music rights The Weeknd is in...
Advent buys PatientPoint from L Catterton and Littlejohn to drive growth in digital health
Advent buys PatientPoint from L Catterton and Littlejohn to drive growth in digital health Advent...
Carlyle to acquire intelliflo from Invesco in deal worth up to $200m
Carlyle to acquire intelliflo from Invesco in deal worth up to $200m Carlyle Group has agreed to...