Lafarge to sell roofing unit to PAI Partners

Lafarge to sell roofing unit to PAI Partners
Published: 04 December 2006

After spending a long time to consider the future of its roofing business Lafarge has agreed to effectively
sell a 65% stake to the venture capital firm PAI Partners for some 1,270m, subject to approval by various cartel authorities. 

The deal places an enterprise value of some EUR2,400m on the entire roofing business, in which Lafarge will take a 35% stake, paid for by the sales proceeds of the entire roofing division.  PAI Partners, now independent fund management vehicle, grew out of the Paribas investment bank.  The business is being sold for EUR1,960m compared with a book value of some EUR1,700m.