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%.
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.
Copyright © 2021 AltAssets