AXA completes first deal from Fund III

Larivière is the first investment made from the AXA LBO Fund III since its final close last month.

Paris-based private equity firm AXA Private Equity has backed the management buyout of Larivière, the roof product subsidiary of international minerals processing group Imerys.

The firm has acquired 98.9 percent of shares in the company, which was previously listed on the Nantes stock exchange, in a deal which values the company at an enterprise value of €155 million ($205 million). AXA will own a 94 percent stake in the company, and its management the remainder.

Larivière distributes roof products including slate, tile and zinc roofs, windows and wooden frames, through a network of 75 outlets in France. Last year its turnover was €290 million.

Philippe Poletti, director at AXA, told PEO that, 'Larivière's outlets currently cover about 50 percent of France. We are hoping to expand it to cover the whole country.'

French investment bank Calyon and UK mezzanine finance provider ICG underwrote the deal and arranged financing.

AXA Private Equity has offices in Paris, London, Frankfurt and New York, and invests across a broad range of private equity strategies, including both direct funds and fund of funds. It raised its first LBO mid-cap fund in 1997. Since then it has closed 34 deals, of which 29 have been in France and the remainder in Germany.

This is the firm's first deal from the €500 million AXA LBO Fund III since its final close last month. In December, the firm announced the final closing of a secondaries fund, AXA Secondary Fund III, on $1 billion.