Debevoise Advises Clayton, Dubilier & Rice and its Co-Investors in the €380 Million Sale of SPIE Shares

25 May 2017

The London and Paris offices of Debevoise & Plimpton LLP have advised Clayton, Dubilier & Rice (“CD&R”) and Ardian in the sale, together with Caisse de dépôt et placement du Québec (CDPQ), of 15.5 million shares in SPIE. The shares are priced at €24.50 per share, representing a total of approximately €380 million.

Following the closing of the transaction, funds managed by CD&R and its affiliates will continue to own approximately 12.4 million shares in SPIE, or approximately 8% of the company.

SPIE is a European leader in multi-technical services. It specializes in electrical, mechanical, and HVAC contracting services, as well as oil & gas, nuclear and communications network services. With nearly 500 locations in 31 countries, SPIE provides services and performance technical solutions that meet current and future challenges of its customers, whether local or international.

Founded in 1978, Clayton, Dubilier & Rice is a private investment firm. Since inception, CD&R has managed the investment of more than $22 billion in 72 companies representing a broad range of industries with an aggregate transaction value of more than $100 billion.

Debevoise advised on the 2011 investment in SPIE, when CD&R, Ardian (previously AXA Private Equity) and CDPQ acquired SPIE from PAI Partners for €2.1 billion. The firm then was involved in SPIE’s initial public offering in 2015, as well as advising CD&R and its co-investors in the subsequent block trade sales of SPIE shares in March 2016 and March 2017.

The Debevoise team advising on the most recent sale of shares was led by partner Raman Bet-Mansour, and included international counsel Philippe Tengelmann and associate David M. Becker. Tax advice was provided by international counsel Cécile Beurrier.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges.