CD&R Said to Mull Sale of Spie Stake After Abandoning OfferingKiel Porter and Francois de Beaupuy
Clayton, Dubilier & Rice is considering selling its stake in Spie SA after canceling an initial public offering of the French business services company last year, two people with knowledge of the matter said.
CD&R, one of the world’s oldest buyout firms, has held early stage talks with investment banks about options for its holding, which include a sale to private-equity firm and shareholder Ardian or another investor, said the people, who asked not to be identified because they weren’t authorized to speak publicly. No bank has been hired so far to manage the sale, the people said.
CD&R, which owns about two-thirds of Spie, canceled plans to raise 525 million euros ($600 million) in an IPO of the company on the Euronext Paris stock exchange in October after failing to receive enough demand from investors, people with knowledge of the matter said at the time.
Spie, which offers engineering and support services for transport and telecommunications companies as well as commercial and residential buildings, was bought by a CD&R-led group in 2011 for about 2 billion euros. The firm had earnings before interest, taxes and amortization of 315.5 million euros in 2013, according to its website.
Officials for new York-based CD&R and Ardian declined to comment. A spokesman for Spie didn’t respond to e-mailed requests for comment.
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