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PE Funds Submit Nonbinding Offers for Lhoist €10B Buyout as JPMorgan, BNP Paribas Offer €6B Staple
Belgian lime and dolomite producer Lhoist collected nonbinding offers from suitors including private equity firms at the end of May, and to support financial sponsors bidding for the asset, sell-side banks JPMorgan and BNP Paribas are providing €6 billion in staple financing, according to sources.
CD&R and CVC are among the bidders circling the business, sources said. Other suitors include Bain and KPS, one of the sources said. Canadian pension fund CDPQ is also eyeing the asset and could potentially team up with another bidder, another source added.
Lhoist is marketed off €1.2 billion of EBITDA, as Octus reported in April, implying leverage of roughly 5x EBITDA for the proposed financing package.
The Rothschild, JPMorgan and BNP Paribas-led sale process is targeting a valuation of more than €10 billion, as reported.
Founded in 1889, Lhoist is a producer of lime, dolomite and mineral-based products serving industrial, environmental and infrastructure end markets, according to its website.
The family-owned company is governed by the board of directors chaired by Baron Berghmans and Marcos Franca and comprises family and external members.
Recent large-cap cross-border materials deals include the buyout of Castrol, with the launch of its $3.75 billion debt package backing Stonepeak’s acquisition of a majority interest in the business from BP expected as soon as this month. The financing includes U.S. dollar-and euro-denominated term loan Bs and high-yield bonds, as well as a revolving credit facility.
Another commodity-oriented materials business, Dow Inc., is exploring a potential sale of its polyurethane division, which generates approximately $400 million of EBITDA, Octus reported in mid-May.
While average pricing for senior credit facilities backing M&A transactions in the Americas materials sector fell to SOFR+487.5 bps in the first quarter of 2026 from SOFR+505 bps in the prior quarter, pricing in the EMEA materials sector moved in the opposite direction, rising to 550 bps over the reference rate from 512.5 bps, according to Octus’ Private Credit Dashboard.
Rothschild, CD&R, CVC, CDPQ and KPS declined to comment. Lhoist, JPMorgan, BNP Paribas and Bain Capital did not return requests for comment.
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