Cleary Gottlieb is representing D’Ieteren SA in the proposed sale of a 40 percent interest in Belron to an acquisition vehicle capitalized by funds managed by Clayton Dubilier & Rice.
Based on a binding offer from CD&R that values Belron at €3 billion (including debt), the parties have entered into exclusive negotiations with a view to signing definitive documentation upon completion of applicable employee information and consultation processes.
With 2016 sales of €3.3 billion, Belron is the only global operator in the vehicle glass repair and replacement market, serving more than 11 million customers annually across 34 countries and five continents. The company holds the No. 1 position in each of its top 10 countries, including the U.S., France and Germany. Belron’s portfolio of well-recognized brands includes Carglass®, Safelite® and Autoglass®. The company employs approximately 26,000 associates worldwide.
D’Ieteren is a Euronext Brussels-listed group that currently operates across three businesses: D’Ieteren Auto, which distributes Volkswagen, Audi, SEAT, Škoda, Bentley, Lamborghini, Bugatti, Porsche and Yamaha vehicles in Belgium and is the country’s No. 1 car distributor, with a market share of around 22 percent and 1.2 million vehicles on the road at the end of 2016; Moleskine, the maker of iconic notebooks and related branded products; and Belron. Cleary represented D’Ieteren in its acquisition of Moleskine in 2016.
Prior to the proposed sale, Belron conducted a €1.3 billion refinancing and leveraged recapitalization transaction that resulted in a dividend payment of €453 million to D’Ieteren. Cleary represented Belron on this refinancing.