Oaktree is seeking up to €200m, which is roughly 3.5 times Onduline’s EBITDA of about €50m, banking sources told Reuters.
Onduline was bought by private equity firms Astorg Partners and Abenex from family owners in 2006. It has since expanded into new markets including the US with the acquisition of Tallant Industries in 2010.
Oaktree, whose previous investees include German roofing materials maker Monier, is said to be in exclusives talks to buy the company.
“Oaktree is very good in this sector so an acquisition of Onduline makes sense,” said one of the banking sources.
Another banking source noted that Onduline has a “big presence in the emerging markets which investors will find hard to deal with.”
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