The transaction was signed on October 15 and closed on October 18. The scope of the transaction includes 100% of directly and indirectly held share capital in CDH for an Enterprise Value of €81.3m.
CDH is Europe’s largest Bluestone quarry founded in 1888, with a 50% global market share. It is also a major aggregates quarry, producing 1.5m – 2m tonnes per year. Due to its high quality and distinctive characteristics, Bluestone is a Global Heritage Resource and a highly prized product that travels worldwide (unlike most aggregates). Bluestone can be used in residential, commercial and infrastructure projects, as well as for architectural and cosmetic applications.
SigmaRoc is an AIM-listed company pursuing an active M&A consolidation strategy in the Northern European heavy construction & aggregates sectors. The business was founded by Max Vermorken (CEO) and fellow ex-Holcim Lafarge executives, who have devised a strategy of acquiring and integrating non-core assets from large-cap players in the space.
The transaction represents Verlinvest’s 3rd successful exit of the year, and is another important step in rationalizing its portfolio in order to refocus on core portfolio companies and reinvest in new exciting assets.
Verlinvest & Cobepa first invested in CDH in 2005.