D'Ieteren and Clayton, Dubilier & Rice Enter Exclusive Discussions Regarding Partnership Investment in Belron

LONDON and NEW YORK, Nov. 19, 2017 /PRNewswire/ -- D'Ieteren and Clayton, Dubilier & Rice ("CD&R"), a global private investment firm, today announced that they have entered into exclusive discussions under which CD&R-managed funds would acquire a 40% ownership interest in the Belron group, the global leader in the vehicle glass repair and replacement ("VGRR") market. Under the proposed agreement, D'Ieteren and management would retain the remaining 60% ownership interest in the company. The proposed transaction would value Belron at EUR 3 billion (enterprise value) which, after deduction of debt-like items (including a dividend payment of EUR 453 million), translates into an equity value of about EUR 1,550 million. The proposed transaction is subject to an information and consultation process with Belron's French workers council, as well as the approval of the relevant regulatory and competition authorities.

With 2016 sales of EUR 3.3 billion, Belron is the sole global operator in the VGRR market, serving more than 11 million customers annually across 34 countries and five continents. The company holds the number one position in each of its top ten countries, including the US, France and Germany. Belron's portfolio of well-recognized brands includes Carglass®, Safelite® and Autoglass®. The company employs approximately 26,000 associates worldwide.

Axel Miller, CEO of D'Ieteren, said: "We would welcome CD&R as a strategic shareholder in our business. The Firm is well known to be a trustworthy and value-added partner that plays a constructive role at the companies in which it invests. Our discussions have shown a very high level of alignment between us and the management on how to support the long-term growth of the business, building on its superior customer service, great relationships with insurers and other partners, outstanding brands and extraordinary people."

"We could not be more pleased to have the opportunity to invest in Belron and very much look forward to finalizing the proposed agreement," said CD&R Partner Christian Rochat. "D'leteren's long-term partnership with Belron has delivered impressive results; we would be very pleased to become their partner in this continuing journey. We share management's vision for the business and support the long-term strategy to build on the company's strong market position to accelerate growth and pursue operational excellence."