Major Shareholding Notification • Jul 12, 2021
Major Shareholding Notification
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INSIDE INFORMATION
Monday 12 July 2021 – 5:45pm CET
Hellman & Friedman ('H&F'), funds and accounts managed by BlackRock Private Equity Partners ('BlackRock'), and GIC have signed an agreement to acquire a combined stake of up to 13.0% in Belron, valuing Belron at an Enterprise Value ('EV') of €21bn, resulting in an equity value of €17.2bn.
D'Ieteren Group has reaffirmed its long-term commitment to Belron and keeps the entirety of its shareholding, namely 50.01% of the company's fully diluted share capital (including all management shares), having previously converted its remaining preference shares into ordinary shares. CD&R will retain a fully diluted shareholding of approximately 24% in Belron. H&F will become the third largest shareholder of Belron with a c.9% fully diluted shareholding.
The agreement also foresees a new capital allocation policy with an intention to gradually reduce Belron's leverage to 3x EBITDA by 2025 (from 4.1x after the last refinancing on April 1).
This transaction underlines the uniqueness of the Belron model, its recent performance and its further development potential.
Nicolas D'Ieteren, Chairman of the D'Ieteren Group Board of Directors, and Chairman of Belron Group SA: "We are pleased to welcome H&F, BlackRock, and GIC as new shareholders aboard the capital of Belron to write a new chapter in the company's successful journey, together with CD&R, which will remain a longer-term partner in the company. We are convinced that this renewed and extended partnership will support Belron on its growth path and we appreciate the trust that is placed on its strategy. Belron will fully benefit from their vast experience in the business services industry, supporting its purpose to make a difference with real care and contributing to the continued development worldwide".
Gary Lubner, Belron's CEO, adds: "We look forward to welcoming our new shareholders and thank them for the confidence that their investment decision demonstrates in us. We have always sought to have a strong commitment to hard work and excellence as well as a determination to provide first class customer service. For all of us at Belron we continue to invest in and grow the business for the long-term based on our values."
End of press release
Monday 12 July 2021 – 5:45pm CET
In existence since 1805, and across family generations, D'Ieteren Group seeks growth and value creation by pursuing a strategy on the long term for its businesses and actively encouraging and supporting them to develop their position in their industry and geographies. The Group currently owns the following activities:
| Last five press releases (with the exception of press releases related to the repurchase or sale of own shares) |
Next events | ||
|---|---|---|---|
| 9 July 2021 | Acquisition of a 40% stake in TVH Parts |
1 September 2021 | 2021 Half-Year Results |
| 27 May 2021 | Trading update – Solid Q1-21 trends drive outlook upgrade |
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| 21 April 2021 | Publication of the Annual Report 2020 | ||
| 1 April 2021 | Belron successfully allocated its new term loans |
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| 22 March 2021 | Belron launches new loan |
Francis Deprez, Chief Executive Officer Arnaud Laviolette, Chief Financial Officer
Stéphanie Voisin, Investor Relations - Tel: + 32 (0)2 536.54.39 E-mail: [email protected] – Website: www.dieterengroup.com
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