D’Ieteren and Clayton, Dubilier & Rice Enter Exclusive Discussions Regarding Partnership Investment in Belron

D’Ieteren and Clayton, Dubilier & Rice (CD&R), a global private investment firm, announced that they have entered into exclusive discussions under which CD&R-managed funds would acquire a 40-percent ownership interest in the Belron group. Under the proposed agreement, D’Ieteren and management would retain the remaining 60-percent ownership interest in the company. The proposed transaction would value Belron at $3.5 billion USD (EUR 3 billion) (enterprise value) which, after deduction of debt-like items (including a dividend payment of $533.4 million USD), translates into an equity value of about $1.8 million USD (EUR 1,550 million). The proposed transaction is subject to an information and consultation process with Belron’s French workers council, as well as the approval of the relevant regulatory and competition authorities.

“We would welcome CD&R as a strategic shareholder in our business. The firm is well known to be a trustworthy and value-added partner that plays a constructive role at the companies in which it invests,” said Axel Miller, CEO of D’Ieteren. “Our discussions have shown a very high level of alignment between us and the management on how to support the long-term growth of the business …”

“We could not be more pleased to have the opportunity to invest in Belron and very much look forward to finalizing the proposed agreement,” said CD&R partner Christian Rochat. “D’leteren’s long-term partnership with Belron has delivered impressive results; we would be very pleased to become their partner in this continuing journey. We share management’s vision for the business and support the long-term strategy to build on the company’s strong market position to accelerate growth and pursue operational excellence.”

“We are excited about the prospect of partnering with CD&R as we redouble our efforts to deliver the quality service to our valued customers while creating long-term rewarding opportunities for Belron employees worldwide,” said Gary Lubner, CEO of Belron.

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