On November 4th  2011, Etex group closed an agreement with Lafarge to acquire the European division of Lafarge Plasterboard, one of the three leading plasterboard manufacturers in Europe. 

The transaction was funded through a EUR 550 million 5-year revolving credit facility, a EUR 300 million amortising term loan and a EUR 450 million term loan-bridge to bond (not syndicated).
The facilities were underwritten equally by Crédit Agricole CIB, BNP Paribas Fortis, ING, KBC, Lloyds and Santander.

Although priced and underwritten before loan market conditions deteriorated, the syndication was successfully closed. Crédit Agricole CIB initial commitment of EUR 100 million across the syndicated facilities was scaled back to EUR 80 million after general syndication and the participation of LCL.
 
“Crédit Agricole CIB’s Global Investment Banking team took place upstream in this transaction. The Bank proved its capacity to underwrite and refinance on the corporate bond of this financing. We have built a relationship with this core client which has got stronger these last few years.” comments Christophe Cogels, Senior Banker. 

Etex group employs around 13,350 employees and operates 14 state-of-the-art plasterboard factories. It has a leading position in the biggest European markets and a presence in all major European countries.
The activities will be combined with the South-American plasterboard activities of Etex group and Lafarge in a new entity, in which Etex group will have 80% and Lafarge 20%. The new entity will have a turnover of around EUR 1 billion.

Etex is a family-owned building materials company with a turnover of over EUR 2 billion with leading positions in roofing, boards and fire protection. The acquisition allows Etex group to become a major player in dry construction. The new requirements in terms of energy efficient housing make this business one of the most promising segments of the building materials.