PARIS, April 4 /PRNewswire/ --
European Capital, S.A. SICAR announced today it has arranged the euro 20 million (US$24 million) mezzanine facility of Onduline, a leading global supplier of corrugated bitumen sheets to the roofing market. European Capital's investment takes the form of mezzanine bonds and supports ABN AMRO Capital France and Astorg Partners' acquisition of Onduline.
"We are pleased that ABN AMRO Capital and Astorg Partners, two excellent European private equity sponsors, came to us for financing in their acquisition of Onduline," said Ira Wagner, President of European Capital Financial Services Limited ("European Capital Services"), the sub-investment manager of European Capital. "Onduline's leadership in a niche market, attractive sales growth in both emerging and industrialized markets and strong cash flow generation make it a great addition to our growing portfolio of investments."
European Capital has invested euro 390 million (US$472 million) in 17 companies since its formation in August of 2005. For more information about European Capital's portfolio, go to http://www.europeancapital.com/our_portfolio/our_portfolio.cfm.
"Onduline is the worldwide leader in the overlay and underlay bitumen sheets markets, offering competitive products that are easy to install and provide excellent thermal, waterproofing and weather insulation," said Jean Eichenlaub, European Capital Managing Director. "The Company has been especially successful in leveraging its significant barriers to entry, including its leading market share in a niche market, large capacity manufacturing abilities, economies of scale and proprietary mono-layer technology."
"Onduline's committed management team has tremendous experience in the roofing industry and a solid track record of growing the business, driving both sales growth and EBITDA margins," said Stephane Legrand, European Capital Vice President. "We are confident in their leadership and believe they will continue to drive Onduline's growth and capitalize on opportunities."
Headquartered in Paris, Onduline was the first company to introduce single-layer corrugated bitumen sheets as an economical lightweight solution for thermal and acoustic insulation on pitched roofs for residential construction, agricultural warehousing and lightweight industrial applications. The Company now designs, produces and markets overlay and underlay bitumen sheets, bitumen membranes and complementary roofing products. Overlay bitumen sheets are used as the external layer on pitched roofs or as wall-cladding material on non-residential buildings and housing. Underlay bitumen sheets are used as waterproofing and insulation shields designed to fit under roof tiles on non-residential buildings and housing. Bitumen membranes are used for weatherproofing and insulation on flat roofs for industrial buildings and warehouses. The Company has approximately 1,000 employees and operates 10 production plants in Italy, Portugal, France, Belgium, Turkey, Poland, Ukraine, Brazil and Malaysia and also has 23 sales offices worldwide. The Company's products are sold through more than 15,000 construction materials merchants. In 2005, Onduline recorded annual sales of approximately euro 264 million.
"This is our first time working with European Capital and we were impressed with their responsiveness, determination and financing abilities, all which contributed to the smooth closing of this transaction," said Pascal Noguera, Senior Director of Astorg Partners.
"We are delighted to work with European Capital in this investment," said Patrice Verrier, Managing Partner of ABN AMRO Capital France. "Their team's experience in the middle market and mezzanine financing enabled them to quickly address and resolve issues that arose throughout the transaction process."
ABOUT EUROPEAN CAPITAL
European Capital is a buyout and mezzanine fund with capital resources of euro 1.1 billion (US$1.3 billion). European Capital invests in and sponsors management and employee buyouts, invests in private equity buyouts and provides capital directly to private and mid-sized public companies. European Capital invests from euro 5 million to euro 125 million per transaction in equity, mezzanine debt and senior debt to fund growth, acquisitions and recapitalizations.
Companies interested in learning more about European Capital's flexible financing should contact Jean Eichenlaub at +33(0)1-40-68-06-66 in Paris, or Nathalie Faure Beaulieu or Simon Henderson at +44(0)20-7539-7000 in London, or visit the website at http://www.EuropeanCapital.com.
ABOUT AMERICAN CAPITAL
American Capital Strategies Ltd. (Nasdaq: ACAS), an affiliate of European Capital, is a publicly traded buyout and mezzanine fund with capital resources of approximately US$7 billion. American Capital invests in and sponsors management and employee buyouts, invests in private equity buyouts, provides capital directly to early stage and mature private and small public companies and through its asset management business is a manager of debt and equity investments in private companies and commercial loan obligations. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions, recapitalizations and securitizations. American Capital invests up to US$300 million per company.
ABOUT ABN AMRO CAPITAL
ABN AMRO Capital is the global private equity business of ABN AMRO, with teams operating in seven countries worldwide including the Netherlands, UK, France, Spain, Italy, Sweden and Australia. Total funds under management by ABN AMRO Capital are euro 2.7 billion, of which euro 250 million of capital are provided by international investors in ABN AMRO Capital managed funds in the UK and France. In 2005, ABN AMRO Capital led 13 buyouts for a global value of euro 2.6 billion (euro 634 million in equity investments) as well as 12 exits.
In France in the last 12 months, the team has completed 3 transactions: Bel'm, a doors manufacturer; Bonna Sabla-Consolis, a manufacturer of pre-fabricated concrete products; and Nutrition & Sante, a manufacturer dietary food products. Moreover, ABN AMRO Capital France has actively supported its portfolio companies in build-ups, such as Score Groupe's, a provider of outsourced canteen management services, acquisition of Amphytrion and GM Restauration.
ABOUT ASTORG PARTNERS
Astorg Partners is an independent fund management company, owned by its four founding partners, which specializes in French mid-market buyouts. It currently manages approximately euro 500 million of capital. Astorg Partners seeks to partner with successful and entrepreneurial management teams and acquire businesses with attractive growth prospects, which Astorg will support through experienced advice and adequate capital. Astorg Partners focuses its investment strategy on small to mid-cap enterprises, investing between EUR15 million and euro 90 million per transaction in companies with revenues generally between euro 30 million and euro 300 million. Although clearly a multi-sector investor, Astorg Partners has particular industry expertise in retail, healthcare and professional services. Astorg Partners closed 48 transactions over the last fifteen years.
This press release contains forward-looking statements. The statements regarding expected results of American Capital Strategies are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional, national or international economic conditions, or changes in the conditions of the industries in which American Capital has made investments.
Web site: http://www.americancapital.com
http://www.EuropeanCapital.com
