France FR

Scope of intervention

Sycomore Corporate Finance acted as exclusive financial advisor to Onduline and its Management

Date of closing

December 2017

Astorg and Abénex, two France-based private equity firms, completed the disposal of Onduline, the worldwide leader in lightweight roofing material, to Naxicap Partners, a France-based private equity firm, which becomes the majority shareholder of the company alongside Onduline’s management team.

Leveraging on its unique industrial know-how, Onduline is a global manufacturer of lightweight roofing solutions since 1950 and the undisputed worldwide leader in bituminous sheets and tiles. Today, the company operates in more than 120 countries, using its strong network of subsidiaries to be closer to its customers. With more than 1,500 employees and 9 manufacturing sites in 8 different countries, Onduline generates ca. €250 million of sales.


  • Back the management’s strategy of growth and continued international leadership
  • Support the company and provide it with means to actively deploy an organic and external growth strategy

Onduline at a glance

Onduline Group, the global leader in lightweight roofing, is a recognized international provider of quality building materials, focused on improving people’s lives through complete systems for roofing, waterproofing, insulation and protection of buildings. Onduline 9 production facilities develop and implement patented and environmentally preferred proprietary technologies. Onduline is present in over 120 countries with 45 subsidiaries and about 1,500 employees.

Astorg at a glance

Astorg is a European private equity firm with total funds under management of over €4 billion. Astorg seeks to partner with entrepreneurial management teams to acquire European companies and create value through the provision of strategic guidance, experienced governance and adequate capital. Astorg enjoys a distinct entrepreneurial culture, a long-term shareholder perspective, and a lean decision-making body enhancing its reactivity. Though not specialized, Astorg has gathered a valuable industry expertise in technology-based industrial companies, healthcare and business-to-business professional services. Astorg has offices in London, Paris, Frankfort and Luxembourg, plus one senior advisor based in Zurich.

Abénex at a glance

Abénex is a fully independent private equity firm. Abénex makes long term investments alongside managers high growth and operational improvement transactions. Abénex specializes in capital development and buy-outs with or without financial leverage. With a strong focus on corporate strategy, operational excellence, and financial performance, Abénex leverages its network, resources and experience to help build value for customers, employees, and shareholders. The team benefits from a proven know-how in external growth projects, public-to-private transactions, and in partnering with family owners. Since inception, Abénex has performed 60 investments and more than 130 external growth transactions. Abénex invests in companies valued up to €500m, either through majority or minority stakes.

Naxicap Partners at a glance

One of France’s leading private equity companies, Naxicap Partners – an affiliate of Natixis Investment Managers – totals nearly 3 billion euros of capital under management. As committed and responsible investor, Naxicap Partners builds solid and constructive partnerships with entrepreneurs for the success of their projects. The company has 40 investment professionals and 4 offices in France: Paris, Lyon, Toulouse and Nantes.