S&B INDUSTRIAL MINERALS acquired by IMERYS

Marking a significant milestone in its history, Gault & Frémont has undergone a major restructuring of its capital, with the exit of its historical shareholder, Eurazeo PME, and the entry of new investors, UI Gestion and the company's management team. This transaction represents an important step in Gault & Frémont's strategy of pursuing external growth, both in France and Europe. The company's investment thesis relies on its ability to leverage its expertise in paper and cardboard packaging solutions to drive expansion and improve its competitive positioning. With a strong track record of growth and a solid financial foundation, Gault & Frémont is well-positioned to capitalize on new opportunities and reinforce its market presence. Through this transaction, the company aims to build on its existing strengths, while also exploring new avenues for growth and innovation, ultimately creating value for its stakeholders and reinforcing its position as a leading player in the packaging industry.

The management of Safic-Alcan finalized the acquisition of a majority stake in the group from Parquest Capital. This transaction is a landmark "Management-led Buyout" (MBO) aimed at affirming the company’s independence by placing the founding executives at the center of the capital structure. The deal was supported by a pool of institutional investors providing long-term equity and mezzanine capital. The acquisition financing was underwritten and coordinated by HSBC and Natixis as Bookrunners, with Société Générale joining as Mandated Lead Arranger. This new governance structure is designed to allow Safic-Alcan to pursue its European leadership ambitions through a sustainable and profitable growth trajectory.

Funds advised by CVC Capital Partners have signed an agreement to acquire 100% of Paroc Group from its existing institutional shareholder group. The transaction marks a new growth phase for Paroc following a successful five-year period of organic expansion under its previous institutional owners. The strategic rationale for CVC is to capitalize on Paroc’s market-leading position in the Nordics and Baltics while supporting its expansion into high-growth regions like Russia. CVC intends to build upon Paroc’s recent success in its higher-value technical insulation division, which benefited from significant investment in the Trzemeszno facility in Poland. For Paroc, the partnership with CVC provides access to a partner with deep expertise in the building materials sector and a proven history of supporting international growth strategies. The deal was advised by Deutsche Bank, Merasco, and BCG for the buy-side, and Lazard & Co. for the sell-side. Completion of the transaction is subject only to customary competition clearances.

The Management Buy Out operation led by MBO Partenaires allows Dominique Vautier to become the manager and shareholder of the Alkos-Cosmogen group, while Gérard Gieux retains a significant stake in the capital and a strong involvement in the Group's strategy. The key executives become shareholders and will support Dominique Vautier in the implementation of an ambitious strategic plan, based on organic growth, the development of new products, and international development.

Autajon has completed the acquisition of Fincarta from its family shareholders as part of its ongoing strategic expansion into the Italian and North American markets. This transaction follows previous successful acquisitions in Spain (Litoplex and Sinel) and represents a significant step in the group's efforts to consolidate the European premium packaging sector. By integrating Fincarta, the acquirer gains immediate production capacity in Italy and a strategic foothold in the United States, while simultaneously broadening its expertise in the confectionery and spirits segments. The deal was conducted for a confidential amount and involves the transfer of four manufacturing units. This acquisition significantly boosts the group's total headcount and strengthens its competitive position as a top-tier provider of specialized cardboard solutions for high-end consumer goods.

Astorg has finalized an agreement to acquire the Kerneos from Materis (Wendel), a maneuver designed to fundamentally transition the business from a subsidiary of a diversified construction conglomerate into a standalone global platform. The strategic rationale for this transaction centers on a "portfolio-emancipation" play, merging the target's industry-leading technical operational depth in calcium aluminates with the sponsor's established expertise in professionalizing mid-cap industrial champions. This structural alignment provides the organization with the institutional capital and strategic autonomy required to pursue an independent growth roadmap after years of serving as a cash-generating division for a leveraged parent.

European private equity firm Cinven has reached a definitive agreement to acquire CeramTec from Rockwood Holdings, Inc. (NYSE: ROC). Representing the fourth investment deployed from Cinven’s Fifth Fund, the transaction remains subject to customary regulatory approvals and is expected to reach completion during the third quarter of 2013. For the seller, Rockwood Holdings, the divestiture is being executed as part of a broader strategic repositioning of the overall Group. The investment strongly aligns with Cinven’s deep sector expertise across both the industrials and healthcare markets. Partnering alongside CEO Dr Ulf Zimmerman and his experienced management team, the financial sponsor intends to actively support the company's expansion outside of its core European base, focusing specifically on scaling operations in North America and Asia through both organic initiatives and strategic acquisitions. The value-creation playbook further underscores a commitment to ongoing capital investments, including funding the critical plant expansion in Marktredwitz and supporting new product pipelines targeting LED lighting and semiconductor applications.

Gerflor has been acquired by Intermediate Capital Group (ICG), a major transaction in the European flooring market that is expected to be finalized by the end of March 2011. ICG's investment in Gerflor is the outcome of a long-standing relationship between the two companies, with ICG having invested in Gerflor since 1992. The acquisition will see ICG support the existing management team, led by CEO Bertrand Chammas, in executing the company's development strategy, including further international expansion and targeted acquisitions. The transaction follows a period of five years during which AXA Private Equity (Ardian) has actively supported the Gerflor management team in expanding the business through bolt-on acquisitions and investment in organic growth. The deal is expected to provide Gerflor with the necessary resources and expertise to drive further growth and consolidation in the European flooring market.

Ardian (then AXA Private Equity) entered into a definitive agreement to acquire a majority stake in Novacap from the private equity firm Bain Capital. The transaction marked the second major LBO for the chemical group since its carve-out from Rhodia in 2003. The strategic rationale for Ardian centered on transforming a primarily French-centric industrial producer into a global specialty chemical platform. The investment plan focused on two main pillars: accelerating international expansion and diversifying the product mix toward high-growth pharmaceutical and health markets. This transition aimed to reduce the group's exposure to cyclical commodity chemicals in favor of more stable, high-margin specialty ingredients.

The acquisition of Gerflor by Axa PE (now Ardian) marks a defining milestone for the company, culminating in a tertiary LBO structure. Actively led by Axa PE as the lead sponsor, the transaction secures a majority stake in the business, equipping Gerflor with the requisite financial firepower to accelerate its overarching growth strategy. The post-closing roadmap will focus on expanding the company's product portfolio, driving operational efficiencies, and consolidating its market leadership. This operation provides a clean exit for the historical shareholder base, notably PAI and the investor consortium that backed the asset since its 1998 vintage.