Excerpt from our historical coverage
June 20, 2025

FLSmidth (publ.) divests its Cement business to private equity firm Pacific Avenue Capital Partners for up to DKK 1,100m

Press Release
Danish mining and cement group FLSmidth (publ.) has entered into an agreement to sell its Cement business to an affiliate of global private equity firm Pacific Avenue Capital Partners. The total initial consideration of the transaction is EUR 75m (~DKK 550m), with a conditional deferred cash consideration of up to EUR 75m (~DKK 550m). This implies an EV/EBITA (Q1-2025 LTM) of 2.7x, including earn-outs. In early 2023, FLSmidth launched pure-play strategies for its Mining and Cement businesses, streamlining operations to strengthen market positions and improve financial stability. This divestment aligns with FLSmidth’s strategic focus on its core Mining business, aiming to reinforce its market-leading position. The transaction is expected to close in H2-2025, subject to regulatory approval. The Cement business generated Q1-2025 LTM revenues of DKK 4,257m and an adjusted EBITA of 408m. In February 2024, NKP | M&A Insights exclusively reported that FLSmidth was entertaining pitches from co
Transaction announcement
Opportunity originally surfaced by NKP | M&A Insights as:
September 12, 2024

Update: Updated IMs are being circulated in connection with the UBS-advised efforts by FLSmidth (publ.) to divest its Cement business, acc. to several sources (NKP Proprietary)

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Source: NKP | M&A Insights Proprietary
Early coverage by NKP | M&A Insights (headline)
February 16, 2024

Update: Denmark-headquartered FLSmidth (publ.) entertained pitches from corporate finance advisors end-January in connection with its exploration of divestment options for its Cement business (NKP Proprietary)

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Source: NKP | M&A Insights Proprietary
Early coverage by NKP | M&A Insights (headline)
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