Pamplona Capital Management LLP, the investment group whose backers include Russian billionaire Mikhail Fridman’s Alfa Group, agreed to buy French funeral group OGF SA for about 900 million euros ($1.2 billion), said three people with knowledge of the situation.
London-based Pamplona signed a binding agreement with current owner Astorg Partners yesterday to buy Paris-based OGF, according to the people, who asked not to be identified because the talks are private. OGF also attracted bids from CVC Capital Partners Ltd. and Lion Capital LLP, the people said.
The senior management team of OGF, which provides funeral and crematorium services across France, are expected to re-invest in the business alongside Pamplona, the people said. Paris-based private-equity firm Astorg bought OGF for 780 million euros in 2007.
Pamplona, which manages both private-equity and hedge fund investments, is currently investing a 2-billion euro pool of capital it raised in 2011. OGF is the first private-equity deal it has completed in Europe this year, according to its website.
Officials at Pamplona and Astorg declined to comment when contacted, while a spokesman for OGF didn’t immediately respond to telephone requests for comment.
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