This shareholding reorganization maintains the
independence of DRT and aims at giving the group the means to
pursue actively its growth ambitions, both organically and
externally.
Regulatory News:
Ardian, the independent private investment company, has entered
into exclusivity with some family shareholders and Tikehau Capital
(Paris:TKO) to acquire a controlling stake into Les Dérivés
Résiniques et Terpéniques ("DRT"). The proposed transaction values
DRT at approximately €1 billion and is fully supported by DRT's
management team which will remain in place and is headed by its CEO
Laurent Labatut. This transaction would be a further step in
the company’s development path as many individual shareholders and
Tikehau Capital have decided to reinvest part of their proceeds
alongside Ardian.
Created in 1932 and headquartered in Dax (France), DRT is a
global leading producer of ingredients derived from plant-based
chemistry, mainly from pine trees. In that respect, DRT fits
perfectly within two of Ardian's core verticals, namely ingredients
and fine chemical. With a turnover estimated at €500m in 2017, DRT
is a truly international company with more than 80% of
its business made outside of France, of which around 25% in the
Americas and more than 10% in Asia. The group employs close to
1,300 people and is operating through a global footprint with four
production sites located in France, two in the USA, three in India
and one in China.
The two main families of ingredients produced by DRT are
terpenes and rosins derivatives. They provide mainly olfactory or
tackifying/stickiness properties and are used in various resilient
and growing end-markets like Flavors & Fragrance, Health &
Nutrition, Adhesives & Coatings, Agriculture, Chemical
Intermediates and Energy. DRT has built strong positions on each of
those markets thanks to its advanced innovation capabilities (more
than 50 people dedicated to R&D), its close partnership with
customers, its industrial process know-how with constant investment
into extraction and distillation capacities, and its long-term
secured sourcing of natural & renewable resources.
DRT is at the forefront of sustainable growth and development.
This is a key value for Ardian, acting as a responsible investor.
Through a sustainable forest management sourcing, DRT is a
green-impact best-in-class player. DRT industrial processes
valorize renewable resources and adhere to principles of
environment-friendly practice. DRT has also invested significantly
into green energy, with a biomass cogeneration plant in France
satisfying the vast majority of its energy needs.
DRT has enjoyed a rapid development phase over the past few
years with a strong support from Tikehau Capital. In particular, in
2016, DRT made two significant steps in the USA with the $140m
acquisition of Pinova Inc. from Symrise and the construction of a
complementary new greenfield plant. Overall, over the past 3 years,
the group has invested more than €85m in organic growth
projects.
Should the transaction be consummated, Tikehau Capital would
recognize a capital gain estimated at c. €153m for the sale of its
entire stake in DRT.
Thibault Basquin, Managing Director Ardian Mid Cap Buyout,
declared: "We are very pleased to partner with Laurent Labatut and
his team. DRT has a unique green positioning and its strong culture
and values fit Ardian ones. This transaction is also a new example
on how we can accompany a family-owned company in a new transition
phase". Olivier Personnaz, Director Ardian Mid Cap Buyout,
added: "We have been very impressed by the quality of DRT people
and their innovation expertise, we look forward to supporting them
in the growth project aiming at reinforcing DRT on its markets
through both organic and external growth".
Laurent Labatut, CEO of DRT, said: "We are very happy to welcome
Ardian as a reference shareholder of DRT. They clearly share the
management team’s willingness to accelerate the development of the
company. Ardian’s arrival alongside the historical shareholders
reinforces the independence of DRT and represents a new step in our
history. Together, we will contribute to enhance DRT’s leadership
position".
Christian de Labriffe of Tikehau Capital, added: "We were
welcomed by the family shareholders as a shareholder of DRT in 2014
and we have been supporting the growth strategy led by the
management since then. We are delighted to be associated with DRT’s
management team and Ardian for this new growth phase. This
transaction will provide DRT with the financial means to pursue its
development and consolidate its global leading positions".
Financing for the proposed transaction is underwritten by BNP
Paribas, Crédit Agricole CIB and Société Générale CIB.
The proposed transaction remains subject to several conditions
including customary approvals by the antitrust authorities and
signing of a definitive agreement.
ABOUT ARDIAN
Ardian is a world-leading private investment house with assets
of US$66bn managed or advised in Europe, North America and Asia.
The company is majority-owned by its employees. It keeps
entrepreneurship at its heart and focuses on delivering excellent
investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders,
Ardian’s activities fuel individual, corporate and economic growth
around the world.
Holding close its core values of excellence, loyalty and
entrepreneurship, Ardian maintains a truly global network, with
more than 470 employees working from twelve offices across Europe
(Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and
Zurich), North America (New York, San Francisco) and Asia (Beijing,
Singapore). It manages funds on behalf of 640 clients through five
pillars of investment expertise: Funds of Funds, Direct Funds,
Infrastructure, Real Estate and Private Debt.
Follow Ardian on Twitter @Ardian
ABOUT TIKEHAU CAPITAL
Tikehau Capital is an asset management and investment Group
which manages €12.6bn of assets, with shareholders’ equity of
€2.3bn. The Group invests in various asset classes (private debt,
real-estate, private equity and liquid strategies), including
through its asset management subsidiary Tikehau IM, on behalf of
institutional and private investors. Controlled by its managers,
alongside leading institutional partners, Tikehau Capital employs
185 staff in its Paris, London, Brussels, Madrid, Milan, Seoul and
Singapore offices.
Tikehau Capital is listed on Euronext Paris, compartment A (ISIN
code: FR0013230612; Ticker: TKO.FP)
www.tikehaucapital.com
PARTIES INVOLVED IN THE TRANSACTION
Ardian
- Ardian: Thibault Basquin, Olivier
Personnaz, Alexis Manet, Manon Massoni
- M&A advisor: Raphaël Financial
Advisory (Benoît O'Mahony)
- Legal advisor: Latham & Watkins
(Corporate: Gaëtan Gianasso, Louis Paumier, Elise Pozzobon, Louise
Gurly – Financing: Xavier Farde, Carla-Sophie Imperadeiro –
Structuring: Xavier Renard, Yann Auregan) – Antitrust: Hugues
Vallette Viallard, Adrianne Salaün)
- Buyer Due Diligence:
- Commercial: Advancy (Sébastien David,
Thomas Dubouchet, Barthélemy Grave, Timothy Chilton)
- Financial: Deloitte Finance &
Operations (Frédéric Steiner, Jean-Philippe Grosmaitre, Renaud
Adam, Tony Gies, Thomas Meleard)
- Tax: Taj (Olivier Venzal, Eric
Couderc)
- Legal: Latham & Watkins
- ESG: Deloitte (Nicolas de Jenlis)
- Insurance: Siaci Saint Honoré (Jonhanne
Charbit, Nicolas Rivière)
- Environmental: Ramboll (Michel MacCabe,
Gordon Cobb)
DRT
- M&A advisor: Rothschild Transaction
R (Pierpaolo Carpinelli, Martin Volatier, Augustin Delouvrier,
Edouard Lagarrigue de Meillac, Anaïs Pons)
- Legal advisors: Orrick Rambaud Martel
(Saam Golshani, Guillaume Kessler, Julien Bensaid, Anna
Leitchenko), Jeausserand Audouard (Jérémie Jeausserand, Alexandre
Dejardin, Carole Furst, Eléonore Gaulier)
- Vendor Due Diligence:
- Financial: EY Transactions Services
(Laurent Chapoulaud, Hugo Primas, Victor de Fromont, Benjamin
Piquet)
- Tax: EY Transaction Tax (Matthieu
Autret, Benjamin Pique, Baptiste Gachet) and EY Tax (Johan
Gaulin)
Financing parties
- CA-CIB (Thibery Gleizes, François de
Montlivault, Alexandre Duhem)
- BNP Paribas (Charles-Edouard de Cabrol,
Louis Ghesquière Dierickx, Oceane Savoldelli)
- Société Générale CIB (Patrick Sandray,
Frédéric Fouillen, Imane El Alaoui, Alexis Raymond)
- Legal advisor: Gide (Eric
Cartier-Millon, Nathalie Benoit)
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version on businesswire.com: http://www.businesswire.com/news/home/20171129006103/en/
PRESSArdianHeadlandMartin Robinson, +44 020 3805
4828mrobinson@headlandconsultancy.comorDRTAgence Bleu
CielNathalie Dunoir & Johanna Mistretta, +33 4 91 19 16
16bleuciel@societebleuciel.comorTikehau CapitalImage 7Leslie
Jung, +44 781 864 18 03ljung@image7.uk.com
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