Displaying items by tag: private equity

Ireland: CRH has appointed Bank of America to sell its European Distribution business. The sale is valued at around Euro2bn and is expected to start in May 2019, according to sources quoted by Reuters. Private equity companies including Advent, Lone Star and CVC have been linked to the sale. CRH is due to issue a trading updating in late April 2019.

India: Private equity company True North has signed a deal to buy Votorantim Cimentos’ direct and indirect 75% stake in Shree Digvijay Cement for an undisclosed sum. The acquisition will require completion of a mandatory open offer to the minority shareholders of Shree Digvijay Cement. JM Financial Limited is acting as the manager to the open offer.

“Votorantim Cimentos has contributed significantly to the strategic initiatives taken at Shree Digvijay Cement over the last few years. This has strengthened its competitive positioning and has greatly improved its operating and financial performance. True North firmly believes in Shree Digvijay Cement’s competitive positioning and is looking forward to partnering with the existing management and employees of the company. We are very excited about this opportunity, with fresh investment and new thinking we can create a lot of value for all,” said Said Srikrishna Dwaram, a partner with True North.

True North holds experience with investments in the Indian construction and building materials space. It has owned and managed two businesses in the sector: RDC Concrete, a manufacturer of ready-mix concrete and Robo Silicon, a manufacturer of construction aggregates.