Astorg Partners
 
INVESTMENTS
 
Onduline
Onduline
  • Investment date : March 2006
  • Transaction size (Enterprise Value) : 100-300€m
  • Industry : Manufacturing
  • Activity : Bitumen based roofing materials
  • Previous Majority Shareholder : Private / Family
  • Status : In portfolio
  • Fund : Astorg III
Onduline in short
Created in 1944, Onduline is one of the world leaders for manufacturing and marketing bitumen based roofing materials (mainly roofing sheets and roof deck sheets). The company develops, produces and sells light building materials produced from recycled fibers and oil. With the passing of the years, Onduline extended its activities to waterproofing, sealing and soundproofing. Onduline has 1,300 employees, sells in 30 countries through sales agencies and operates 12 production sites throughout the world.
The Onduline opportunity as seen by Astorg Partners
• World leader in a specific roofing market niche that is growing and protected, with numerous development opportunities in fast growing emergent countries.

• High entry barriers based on economies of scale, the need to control the technical knowledge, and a network of exclusive distributors.

• A primary LBO with a strong improvement potential for cash management and possible spin off of assets unrelated to the Group’s core business.
Onduline
« Ofic-Onduline remained a 100% family owned group for 60 years, until March 2006. The Group success was built on the values of a family owned company. After this first phase of “success story”, in 2006 Ofic-Onduline entered a second phase of its corporate life with the replacement of the outgoing family shareholders by two investment funds. One of them being Astorg Partners. With Astorg’s invaluable assistance, the best part of the group was preserved, particularly its strategy and the main values of the former family owned company. Non strategic assets were disposed of, a better alignment of the interests of all was achieved, better tools to control management and cash were used, and external growth operations are now considered.
Relations between the two funds (they hold equal shares of capital) were harmonious and they always made joint decisions. Relations between the two funds and the executives of the group were based on mutual trust, respect and esteem. »
Jean-Louis Roques, former-chairman of the Onduline Group and Chairman of the Supervisory Board of OFIC Finance (Onduline holding company)
Your Astorg contacts for Onduline
Xavier Morenoxmoreno@astorg-partners.com
Frédéric Sebbagfsebbag@astorg-partners.com
More information on Onduline
http://www.onduline.fr/
Astorg Partners     68 rue du Faubourg Saint Honoré 75008 PARIS     Tel: +33 (1) 53 05 40 50     Fax: +33 (1) 53 05 40 57     Mail: info@astorg-partners.com
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