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PAI, Goldman Sachs acquire Xella for €2bn17/07/2008. Source: AltAssets. 
 European private equity firm PAI partners and Goldman Sachs Capital Partners, the private equity arm of Goldman Sachs, have acquired German construction materials company Xella International from the Haniel Group. The size of the deal was not disclosed but is believed to be around €2bn, according to a source close to the deal.
Xella operates in three business segments: building materials, dry lining systems and raw materials. The company has over 7,600 employees operating in more than 30 countries. In 2007 the company generated sales of €1.3bn.
Mirko Meyer-Schönherr, partner, head of PAI partners Germany, said, 'We are very pleased with this acquisition. Xella is a leading producer of wall products as well as lime and limestone, with strong market shares in all its markets. This transaction is another illustration of PAI's investment strategy to invest in strategic market leaders where it has identified opportunities to create value through further market consolidation and operational upsides.'
'We are convinced of Xella's strategy of profitable growth in promising markets and will work together with the experienced management team and highly qualified employees to implement it successfully,' added Martin Hintze, responsible for the German speaking region at Goldman Sachs Capital Partners.
PAI has offices in Paris, London, Madrid, Milan, Munich and Luxembourg. The firm closed its most recent fund, PAI Europe V, earlier this year on €5.4bn.
Goldman Sachs Capital Partners is currently investing its sixth fund, GS Capital Partners VI, which closed in 2007 on $20.3bn.
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