Four Firms Aid Equity Transaction in Auto Glass Company Belron

Debevoise & Plimpton is advising Clayton, Dubilier & Rice as the private equity firm sells a minority stake in Belron SA, a vehicle glass replacement and repair company with operations in 40 countries.

A group of private equity and other investors is acquiring a combined stake of up to 13% in a transaction that that gives the Belron an enterprise value of 21 billion euros ($24.8 billion), the company said.

The investors include Hellman & Friedman, advised by Latham & Watkins; Singapore sovereign equity fund GIC, advised by Kirkland & Ellis; and funds and accounts managed by BlackRock Private Equity Partners, according to statements.

CD&R will retain an approximately 24% share, while auto equipment company D’Ieteren Group, represented by Cleary Gottlieb, keeps its current holding of 50.01%.

Belron, which sells brands including Carglass, Safelite, and Autoglass, also manages vehicle glass and other insurance claims for insurance customers.

The company reported 2020 sales of 3.89 billion euros ($4.6 billion) and adjusted operating profit of 583 million euros.

BlackRock Private Equity Partners didn’t immediately respond to an email seeking comment.