Buyout group Ardian wins race for German lighting group SLV - sources (updated)

Beghelli SpA

27/10/2016 14:23

(Adds details on financing) 
    FRANKFURT/LONDON, Oct 27 (Reuters) - Buyout group Ardian has 
won the bidding for German residential and technical lighting 
products maker SLV, people familiar with the matter said.  
    Ardian beat off bidders such as 3i, Triton, Pamplona and 
Lone Star, the sources said, adding that the deal will likely be 
announced later this week.  
    One person close to the deal said that Ardian's offer had 
been expected to value SLV at less than 800 million euros 
including debt. 
    The buyout will be backed with an all senior loan financing 
of about 360 million euros or 5.5 times SLV's expected core 
earnings, according to bankers. 
    SLV is expected to post earnings before interest, taxes, 
depreciation and amortisation of about 65 million euros this 
year.  
    Ardian and Cinven declined to comment.   
    SLV is benefiting from strong construction activity in 
Germany and other countries and from regulations pushing 
energy-efficient technologies like LED lamps.  
    The group was set up in 1979. Since being acquired by 
Cinven, it has invested in logistics sites and bought Swiss LED 
lighting fixtures maker Unex.  
($1 = 0.9156 euros) 
 
 (Reporting by Arno Schuetze and Claire Ruckin; Editing by Tina 
Bellon and Jon Boyle) 
 ((arno.schuetze@thomsonreuters.com; +49.69.7565.1197; Reuters 
Messaging: arno.schuetze.reuters.com@reuters.net)) 
 
Keywords: CINVEN SLV/SALE