Clayton, Dubilier & Rice (CD&R) and its partners AXA Private Equity and Caisse de depot et placement du Quebec have closed the acquisition of French based multi-technical services company, SPIE, from PAI partners.
On 31 May, 2011, it was announced that CD&R and its partners, had signed an exclusivity agreement with PAI partners to acquire SPIE for EUR2.1bn. CD&R-managed funds, including co-investment vehicles, invested approximately EUR510 million in the transaction. AXA Private Equity and Caisse de depot et placement du Quebec each invested approximately EUR140 million.
SPIE is a European leader in multi-technical services. It specialises in electrical, mechanical, and HVAC contracting services, as well as oil & gas, nuclear and communications network services. With 28,600 employees working from nearly 400 locations in 31 countries, in 2010 SPIE generated operating profit on ordinary activities of euro192.3 million on turnover of euro3.75 billion.
The transaction represents a partnership between the management of SPIE and the investors to support the next phase of the company’s growth. A broadly based employee share ownership scheme ensures broad alignment behind these objectives.
