French duo complete €210m roofing deal

The French arm of ABN AMRO Capital and Paris-based Astorg Partners have supported the €210m management buyout of roofing and packaging business OFIC Group.

ABN AMRO Capital France and Paris-based mid-market private equity firm Astorg Partners have backed a €210 million ($253 million) management buyout of French roofing materials company OFIC Group.
 
The private equity firms backed a management team led by Jean-Louis Roques, who will remain as chairman of the board of OFIC.
 
Headquartered in Paris, OFIC is the umbrella company of the Onduline Group. Founded in 1944, Onduline produces roofing materials, primary bituminous roofing and sub-roofing products. OFIC also owns Cellulose de la Loire, which specialises in the production of moulded cellulose trays and inserts for use in packaging and transporting eggs.
 
OFIC Group’s 25 commercial subsidiaries and 10 industrial sites employ over 1,000 staff. The company reported turnover of approximately €250 million in 2005 on sales mainly in France, Spain, Italy, Poland, Russia and Turkey.
 
ABN AMRO Capital France has made three other investments in the past twelve months: Bel’M, a door manufacturer; industrial concrete products manufacturer Bonna Sabla/Consolis; and Nutrition & Santé, a food, dietary and nutritional products business.
 
Spun out from industrial and services business Suez Group in 1998, Astorg Partners currently manages approximately €500 million in assets. The firm has 10 investment professionals, led by co-founder and managing partner Xavier Moreno, and closed a €300 million buyout vehicle, Astorg III, in 2004.