<article>Australian private equity firm <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/crescent-capital-partners/">Crescent Capital Partners </a>has agreed to buy the Viridian Glass business from construction materials manufacturer CSR Limited for A$155 million ($112 million).</article>

Australian private equity firm <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/crescent-capital-partners/">Crescent Capital Partners </a>has agreed to buy the Viridian Glass business from construction materials manufacturer CSR Limited for A$155 million ($112 million).
The transaction is expected to be completed in January 2019.
The acquisition includes the Viridian property site at Dandenong, Victoria. CSR will retain the Viridian property at Ingleburn, New South Wales which has an estimated market valuation in excess of A$60 million, per a statement.
CSR has entered into a long-term lease with Viridian for the Ingleburn property. Following completion of the transaction with Crescent, CSR will begin a sale process for the property, it said, adding that the divestment is expected to result in total cash proceeds of over A$215 million.
CSR expects to realise a pre-tax loss of approximately A$20-30 million in the financial year ending March 31, 2019, primarily due to the disposal of Viridian-related deferred tax assets.
From the transaction with Crescent, initial cash proceeds of A$80 million are expected to be received during the period, with a deferred settlement of A$75 million in the first half of the next fiscal year, the company announced.
Viridian operates the only float glass manufacturing line in Australia and New Zealand as well as downstream glass processing operations.
CSR said the funds employed in the Viridian business would generate better future returns for its shareholders if they were invested in its core building products business.
“Viridian’s float glass and processing businesses supply customers including glass processors and fabricators which operate separately from CSR’s other building products businesses. This transaction will enable Viridian to align its footprint and cost structure to operate more effectively as a standalone business,” said CSR managing director Rob Sindel.
Crescent has been investing in emerging and growth companies in the sectors of healthcare, industrial, financial services, technology, education and consumer brands, across Australia and New Zealand since 2000.
The firm has raised over A$2.5 billion for six funds and completed more than 40 foundation investments and assisted its portfolio companies with over 150 follow-on acquisitions. Its latest fund was said to close at $588 million.
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The transaction is expected to be completed in January 2019.

Australian PE firm Crescent Capital to buy Viridian Glass for $112m

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Australian PE firm Crescent Capital to buy Viridian Glass for $112m

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