The Carlyle Group and Eurazeo have sold Terreal to LBO France for an enterprise value of €860m.
The Carlyle Group and Eurazeo bought Terreal from Saint-Gobain in September 2003 in a €400m deal. Carlyle acquired a 60% stake and Eurazeo a 40% stake. The investment in Terreal was made from Carlyle Europe Partners II.
Terreal makes clay construction products used for roofs, structural work, wall claddings and decoration environmental protection. The company is France’s second-largest manufacturer of clay tiles, with a 35% market share in 2004.
Benoît Colas, managing director at The Carlyle Group based in Paris said, “We are very pleased with our investment in Terreal. This success is largely due to the strengths of the Terreal business and the great work done by management since the acquisition.”