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Changes in Belron shareholdership

12 Jul 2021 - Belron

Belron welcomes the following new shareholders: Hellman & Friedman, BlackRock-Managed Funds and GIC

- This is an abstract. For further details, please refer to the full press release -

Hellman & Friedman (‘H&F’), funds and accounts managed by BlackRock Private Equity Partners (‘BlackRock’), and GIC have signed an agreement to acquire a combined stake of up to 13.0% in Belron, valuing Belron at an Enterprise Value (‘EV’) of €21bn, resulting in an equity value of €17.2bn.

D’Ieteren Group has reaffirmed its long-term commitment to Belron and keeps the entirety of its shareholding, namely 50.01% of the company’s fully diluted share capital (including all management shares), having previously converted its remaining preference shares into ordinary shares. CD&R will retain a fully diluted shareholding of approximately 24% in Belron. H&F will become the third largest shareholder of Belron with a c.9% fully diluted shareholding.

The agreement also foresees a new capital allocation policy with an intention to gradually reduce Belron’s leverage to 3x EBITDA by 2025 (from 4.1x after the last refinancing on April 1).

This transaction underlines the uniqueness of the Belron model, its recent performance and its further development potential.

- End of abstract -

Group profile

In existence since 1805, and across family generations, D’Ieteren Group seeks growth and value creation by pursuing a strategy on the long term for its businesses and actively encouraging and supporting them to develop their position in their industry and geographies. The Group currently owns the following activities:

  • Belron (50.01% economic rights fully diluted) has a clear purpose: “making a difference by solving people’s problems with real care”. It is the worldwide leader in vehicle glass repair and replacement and operates in 40 countries, through wholly owned businesses and franchises, with market leading brands – including Carglass®, Safelite® and Autoglass®. In addition, Belron manages vehicle glass and other insurance claims on behalf of insurance customers. Sales and adjusted operating result reached respectively €3,899m and €583.1m in FY20.
  • D'Ieteren Automotive distributes Volkswagen, Audi, SEAT, Škoda, Bentley, Lamborghini, Bugatti, and Porsche vehicles in Belgium. It has a market share of more than 23% and 1.2 million vehicles on the road. Its business model is evolving towards improving the lives of citizens with fluid, accessible and sustainable mobility. Sales and adjusted operating result reached respectively €3,216m and €98.9m in FY20.
  • Moleskine (100% owned) is a premium and aspirational lifestyle brand which develops and sells iconic branded notebooks and writing, travel and reading accessories through a global multichannel platform. Sales and adjusted operating result reached respectively €102.3m and -€1.5m in FY20.
  • D’Ieteren Immo (100%) groups together the Belgian real estate interests of D’Ieteren Group. It owns and manages approximately 30 properties which generated €19.5m net rental income in FY20. It also pursues investment projects and carries out studies into possible site renovations.

Contact

Francis Deprez, Chief Executive Officer
Arnaud Laviolette, Chief Financial Officer

Stéphanie Voisin, Investor Relations - Tel: + 32 (0)2 536.54.39
E-mail: financial.communication@dieterengroup.com – Website: www.dieterengroup.com

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