Bain Capital has finalised its acquisition of Areva’s FCI connectors business. The Boston-based firm had originally announced the €1.067 billion ($1.3 billion) purchase in September.
Bain is investing in the company out of three funds. The firm will use its $3.5 billion Bain Capital Fund VIII, raised last year; its Bain Capital Fund VIII E, the firm’s second European fund; and Bain Capital Fund VII Co-investment Fund, a 2000-vintage vehicle.
When Bain first announced the deal, a statement issued by the company put special attention on the social guarantees Bain had made as part of the transaction. The statement underscored agreements from Bain that included the preservation of certain industrial locations in France and its headquarters in Versailles, as well as the “continuity of [FCI’s]social policies”.
Bain’s Stephen Pagliuca, a managing director at the firm, told PEO that while the social considerations were an important aspect in the deal, their inclusion did not alter the firm’s strategy for the company.
“I don’t see these [conditions] changing our approach,” he said at the time. “The business is already performing well and we see this as a growth opportunity.”
Goldman Sachs advised Bain on the deal, while Credit Suisse First Boston ran the auction.
Bain reportedly beat out competitive interest in FCI from JP Morgan private equity arm One Equity Partners and Kohlberg Kravis Roberts.