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Wendel sees Parex mortar business sale stall amid sub-€1bn buyout offers

17 Dec 2013

cement-5_sqFrench private equity firm Wendel has reportedly seen the planned sale of portfolio company Parex’s industrial mortars business stall amid fellow buyout houses failing to meet the €1bn asking price.

CVC Capital and Pamplona had narrowed the bidding field to a two-horse race by November according to Reuters, but it added the highest bids received were about €800m.

It cited banking sources, which had been preparing debt packages of up to €550m to back a buyout, representing 4.5 to 5.5-times the company’s approximate EBITDA of €99m.

Bain Capital, BC Partners, CVC Capital and Pamplona Capital Management all made first rounds bids for Parex alongside strategic investor Henkel.

Wendel acquired Materis in 2006, and has since sought to address the company’s €2bn debt pile.

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