Paris, France, August 1--LBO France, a Paris-based private equity firm, agreed to buy French tile-maker Groupe Terreal for about 860 million euros ($1 billion), adding to investments that include building materials supplier Materis.
LBO France is acquiring the company from buyout firms Carlyle Group and Eurazeo SA, the company said in a statement today. Terreal, based in Suresenes, France, had sales of 370 million euros in 2004, and employs 2,300 people, according to its Web site.
Carlyle and Eurazeo are selling less than two years after buying it from Cie. de Saint-Gobain SA, Europe's largest distributor of building materials, for 400 million euros. Carlyle owned 60 percent of the company, and Eurazeo the rest.
"We're very satisfied with our investment," Benoit Colas, a Paris-based managing director at Carlyle said in today's statement. Carlyle, which is based in Washington, had said July 14 it was in exclusive talks to sell Terreal to LBO France.
LBO France will add the tile-maker to other investments including Materis, which it bought in 2003, and animal-feed maker Valorex. LBO France spokeswoman Elizabeth O'Reilly didn't immediately return a call to her office seeking comment.
Other companies Eurazeo has invested in include Eutelsat, a French satellite operator whose shares will be sold in an initial public offering within a year. Eurazeo also has a stake in French industrial vehicle company Fraikin SA.
