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11/4/2003



Rail News: M&A

Candover sells Pandrol to French engineering firm


On Nov. 4, Candover announced it sold track fastener and fastening-support system supplier Pandrol to French engineering group Delachaux S.A. for $277 million. The deal is subject to approval from British, French and Spanish competition authorities.

In November 1999, investment trust and buyout specialist Candover acquired Pandrol and two other companies from Charter plc. Candover sold the other two businesses in December 1999 and January 2003.

"Since Candover acquired the business, Pandrol has consolidated its position as the global leader in resilient rail fastenings," said Candover Managing Director Colin Buffin in a prepared statement. "As part of Delachaux, it will be able to capitalize on its market-leading position and take full advantage of further growth opportunities."

Pandrol owns manufacturing plants in 11 countries, employs 663 and offers rail-fastening products to 98 worldwide markets.


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