Wendel said the deal would represent an EBITDA multiple of 8.4-times over the 12 months to the end of September.
The firm acquired Kerneos in 2006 through the buyout of its parent building materials business Materis.
It said the company had significantly increased its presence in emerging economies, which currently account for nearly a third of its top line.
The business also secured long-term access to one of its key raw materials by taking control of Elmin, Europe’s largest exporter of monohydrate bauxite.
Kerneos had sales of €366m and EBITDA of €73m over the 12 months to the end of September.
Astorg said it intended to pursue Kerneos’ growth and development, supporting in particular its geographic expansion, its growth plan and the development of new, innovative products.
Wendel added that it intended to take part in the transaction by reinvesting €60m in subordinated debt, earning interest of 10.5 per cent.
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