PARIS May 6 Private equity firm Bridgepoint has
agreed to buy sealing product technology specialist Flexitallic
Group from France's Eurazeo in a deal valuing the
business at 450 million euros ($588 million), the companies
Eurazeo, which acquired a majority stake in Flexitallic in
2006, said in a statement on Monday that it would reap 145
million euros in cash from the sale, representing a 95 million
The transaction is the latest instance of one buy-out house
selling a company it owns to another, a practice which has
dominated deal making in Europe so far this year, worrying
investors that firms are just recycling deals among themselves.
Bridgepoint will buy a majority stake in the company, whose
products serve the energy industry. Its management, including
Remi Toledano, chief executive since 2010, will hold the rest.
Flexitallic's main business units are based in France, the
United States, the UK and Canada, with annual sales of 210