Romans, France - Exsto, a polymer-moulding specialist and subsidiary of cast-polyurethane experts Michel Baule SA, has been sold to a new holding company in a leveraged buy-out deal finalised 9 Oct, a 27 Oct Baule statement revealed.
The buy-out company, Finexsto, was set up by Olivier Berthet, co-founder and general manager of Lamrock Capital Partners, and Jerome Pignard, president of Oryx Partners. Both will be on Finexsto's board, Baule said.
Christophe Torres, who was Exsto's general manager, becomes a shareholder, president and general manager of the company, as well as of its French and foreign subsidiaries. He will also be a member of Finexsto's board.
According to the Baule statement, Michel Baule, who founded the company in 1976, has chosen "a solution offering the company the best development possibilities. This sale allows the management to be backed up by business-oriented investors and thus offers Exsto the best possible future."
Michel Baule will remain president of Michel Baule SA and BAULE - a joint venture company with Bayer MaterialScience.
Financial details of the transaction were not disclosed. (RD)