ICG said other minority shareholders including Barclays Private Equity and NiXEN Partners will also sell their stake in the company.
François de Mitry and Benoit Durteste at ICG said that for ICG, this transaction is the outcome of a long-standing relationship with Gerflor as the group has been invested in the group since 1992.
AXA Private Equity executive board member Dominique Gaillard said the company has committed a lot of resources to Gerflor over a long investment period and worked closely with Bertrand Chammas and his team to support the growth of the company.
"Now strengthened and more robust, Gerflor has proven very resilient through the economic crisis and the group has even increased its investments to secure its future growth. This is a great achievement for AXA Private Equity," Gaillard said.
Gerflor is a multi-specialist group that creates, manufactures and markets decorative and environmentally-responsible solutions for flooring and interior finishes to be used in professional as well as residential applications.
Subject to customary anti-trust approvals, the completion of the acquisition is anticipated by end of March 2011.
