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KKR eyes exit from French floor maker Tarkett through Paris IPO

4 Oct 2013

Tarkett floorUS private equity major KKR is reportedly set to pick up a payout from French floor maker Tarkett after it emerged the company plans to launch an IPO which could value it at €2.5bn.

The Paris-based company plans to announce the public listing today according to the FT, which cited people close to the situation.

KKR bought a 50 per cent stake in the business in 2006 in a deal which valued Tarkett at about €1.6bn, including debt, with the rest of the shares held by the Deconinck family.

The firm initially considered a New York listing but the Deconincks preferred a Paris listing, the FT added.

Tarkett had EBITDA of about €260m last year.

Earlier this year KKR retooled its European investment team in the buildup to the launch of its first fund in the region since the financial crisis.

An earlier report in the FT said KKR told investors that partners Jacques Garaialde and Reinhard Gorenflos – who had been with the first since 2003 and 2001 respectively – would not participate in the next fundraise.

KKR said Garaialde would now serve as its senior adviser and Gorenflos will be focused on the firm’s philanthropic activities in Africa. Back in December, KKR promoted two of its young partners, Philipp Freise and Silke Scheiber.

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