Private equity-backed takeover


Private equity backer: Carlyle

Business description: Provider of inspection, certification, testing and technological services

Deal value: €1.48bn

Notified: 25/09/07

Provisional deadline: n/a

Cleared: 30/10/07

US private equity firm the Carlyle Group is to acquire Applus from its shareholders Agbar, Unión Fenosa and Caja Madrid for an enterprise value of €1.48bn. With headquarters in Barcelona, the company is the leader in inspection, certification, testing and technological services in Spain.

Carlyle reached a partnership agreement with Caixa Catalunya, under which the latter will take a 25% equity stake in Applus. Caixa Catalunya will lead a group of well-known local institutional investors that have expressed their interest in the transaction and with whom it is currently in advanced negotiations. Among them are Caixa Manresa, Caixa Terrassa, Caixa Sabadell, Caixa Tarragona, RACC, and Caixa Girona.


Private equity backer: Oaktree Capital Management

Business description: Leather goods manufacturer

Deal value: Undisclosed

Notified: 25/09/07

Provisional deadline: n/a

Cleared: 30/10/07

US private equity firm Oaktree Capital Management is to acquire Conbipel, an Italian maker of leather goods.

Global Garden Products

Private equity backer: 3i

Business description: Manufacturer of garden machinery and equipment

Deal value: €730m

Notified: 31/10/07

Provisional deadline: 07/12/07

Cleared: n/a

3i is to buy Global Garden Products (GGP), an Italian manufacturer of lawn mowers and powered garden equipment, from AAC Capital Partners for €730m. GGP’s management team, led by CEO Pierluigi Tosato, will remain in place and reinvest alongside 3i.

GGP makes and distributes walk-behind and ride-on lawnmowers alongside hand-held gardening equipment and accessories, operating through brand such as Stiga, Castelgarden and Mountfield. It produces private label products for the garden and DIY centres throughout Europe, and makes products for equipment manufacturers like Honda.

Domestic and General Group

Private equity backer: Advent International

Business description: Insurance firm

Deal value: £524m

Notified: 27/09/07

Provisional deadline: n/a

Cleared: 05/11/07

Advent International is to buy Domestic and General Group (D&G), a UK business specialising in insurance for domestic appliances, for £524m. The firm offered £14.25 per share.

Nord Est

Private equity backer: 21 Centrale Partners

Business description: Packaging

Deal value: €163.95m

Notified: 14/09/07

Provisional deadline: n/a

Cleared: 19/10/07

French private equity firm 21 Centrale Partners has acquired a 79.56% stake in Nord Est, a French packaging business, from Harwanne Cie de Participations Inds et Financieres for €165.95m.