Holding period
Oct.2021
Country
France
Sector
Business & Financial Services
Revenue progression
€662m
Employees at ACQ.
645
Investment Type
Secondary MBO

Safic-Alcan is a global distributor of speciality chemicals.

Founded in 1847, Safic-Alcan has a well-established leading market position in Europe, having built longstanding relationships with chemical manufacturers. 

The group distributes a diverse range of innovative material and additives, which are used to strengthen the technical characteristics of its customers’ products in a variety of end-market applications such as rubber, coatings, cable manufacturing, paints and inks, which represent two-thirds of the business, as well as life sciences including the pharmaceuticals, cosmetics, foods and personal care industries.

Headquartered in Paris, the group has a global presence with over 645 employees based in 31 locations across 60 countries and plays a significant role in the value chain by offering product research and development, logistics, packaging, marketing, formulation advice and sales support.

Holding period
Jun.2022
Country
France
Sector
Value-add Industrials
Revenue progression
€500m
Employees at ACQ.
2,700
Number of build-ups
28
Investment Type
Secondary MBO

Sicame is an independent global manufacturer of connection equipment for the transmission and distribution of electricity.

In June 2022, Equistone realised its investment in Sicame through the sale of its majority shareholding to a Single-Asset Continuation Fund (SACF) managed by Equistone. The lead investor in the SACF is Alpinvest Partners, with a number of other existing Equistone investors also choosing to reinvest in the vehicle. The management team and the founding family also reinvested in the new transaction.

Founded in 1955, Sicame has established a global market presence, employing some 3,100 employees across 26 countries. The group designs, manufactures and sells a complete range of core transmission and distribution network accessories including mechanical and electrical connectors, which are essential to utilities when building or maintaining electrical networks.

Today, Sicame is one of the world leaders in the accessories market for electrical energy networks, due to an extensive range of more than 50,000 high-quality products addressing country-specific norms, as well as a global footprint addressing major utility companies in more than 150 countries across Europe, North and South America, as well as Asia and Australia.

VALUE CREATION

Equistone originally backed Sicame as a minority shareholder in December 2009, supporting its plans for expansion, which resulted in Sicame completing multiple acquisitions in several geographies. In February 2016, Equistone acquired a majority stake in Sicame, alongside the founding family, Crédit du Nord, other individual investors and the management team.

Equistone backed a transition in management, with Vincent Roy, a former managing director of the group, re-joining as CEO following the retirement of the former CEO. Equistone has also supported the management team with plans for organic and external growth. As a result, Sicame completed seven additional add-on acquisitions and expanded its activities in the US following the acquisition of California-based Kortick, a manufacturer of electrical products and equipment for use in overhead and underground electrical networks. Further geographical expansion was achieved through the acquisitions of COMULSA in Chile, Şafak Eletrik in Turkey, Skelt in Portugal and through the acquisition of UK-based insulated tool manufacturer, Boddingtons.

The group benefits from strong tailwinds in its core T&D market, thanks to growing electricity demand led by electrical mobility and decarbonisation of industrial processes, together with the transition to renewable electricity generation. In this respect, the group plays an important role to enable the transition towards a more sustainable energy mix.

Equistone created a favourable environment, alongside the founding family members, for the development of the Sicame Group.

Vincent Roy, Group Chairman, Sicame
Holding period
Jul.2021
Country
France
Sector
Industrials
Revenue progression
€72m
Employees at ACQ.
300
Investment Type
Secondary MBO

Modéal Groupe is a leading French manufacturer in modular construction.

Founded in 1979, Modéal Groupe (formerly GSCM Groupe) is a specialist in temporary and permanent modular construction, covering the entire value chain from design and manufacture through to delivery and installation as well as spare parts and aftersales support.

Modéal Groupe offers a wide range of tailor-made products to serve the fast-growing demand for modular construction due to its significant benefits of faster construction time and lower costs compared to traditional construction techniques as well as the use of low-carbon, reusable materials. These advantages make modules an attractive multifunctional solution for a diverse range of applications such as buildings on construction sites, offices, shops, nurseries, medical housing, emergency accommodation, schools and sports & leisure facilities.   

Headquartered in the west of France, Modéal Groupe employs nearly 400 staff and manufactures more than 8,000 pre-assembled modules per year across its seven production sites.

Holding period
Jul.2021
Country
France
Sector
Consumer
Revenue progression
€331m
Employees at ACQ.
990
Number of build-ups
1
Investment Type
Secondary MBO

Vertbaudet is a leading European e-commerce distributor of children’s clothing, accessories and homeware. 

Founded in 1964, Vertbaudet has grown into an online one-stop-shop specialist that distributes a wide range of own brand and third-party brand clothing and accessories for babies and children as well as homeware, nursery equipment and toys.

Having established a strong multi-channel distribution system to focus on growing its loyal customer base, Vertbaudet has eight local language e-commerce websites serving customers in France, Germany, the UK, Belgium, Switzerland, Netherlands, Spain and Portugal as well as a global site, which distributes to other customers around the world. Additionally, the group’s online presence is supported by a chain of 75 stores across France.

Headquartered in Tourcoing in northern France, Vertbaudet employs 990 people, including an in-house product design team, and covers the entire value chain from design and sourcing to logistics and distribution.

 We are delighted to partner with Equistone. With their support and retail experience, we will continue to deploy our strategic plan, keep loyal customers and attract new ones through our various distribution channels, and further diversify our range of children’s products. 

Thierry Jaugeas, President, and Mathieu Hamelle, Chief Executive Officer, Vertbaudet
Holding period
Jul.2020 / Jun.2024
Country
France
Sector
Business & Financial Services
Revenue Progression
€91m-€140m
Employees at ACQ.
445
Number of build-ups
2
Investment Type
Secondary MBO

Acces Industrie is a leading French rental specialist of aerial work platforms and handling equipment.

Acces Industrie provides a wide range of short- and long-term rental solutions and has a large fleet of over 12,000 aerial work platforms and handling equipment, which can be used indoors and outdoors to meet customer site constraints such as space, building height, or access to power supply. Its fully integrated services include technical support, refurbishment, on-site delivery and collection, financing, and customer services.

Headquartered in Tonneins, southwestern France, Acces Industrie has established a nationwide network of 38 depots in France and four in Spain and offers convenient, local service to over 6,000 loyal and well-diversified customers in end markets, including construction, industrial, retail, and logistics.

VALUE CREATION

Equistone has worked closely with the management team to support its strategic plans to focus on end markets that benefit from macro trends such as global energy transition, e-commerce and infrastructure.

Its geographic presence has expanded across France, with the opening of new strategically positioned depots and through its acquisition of Watine Manutention in October 2023. 

Equistone also supported Acces Industrie with its entry into the Spanish market, with the acquisition of Uping in 2022. Following this acquisition, new depots are in the process of being opened in Spain. The group has also expanded its offering at each of its existing depots to meet customer demand in fast growing sectors.

Operational improvements have notably included strengthening the team with the appointment of a new CFO, as well as the creation of new roles for a head of pricing & yield management and a head of marketing.

As a result, the group has increased its workforce from 442 to 650 people and revenue has grown from €90m in 2020 to €140m in 2023.

EXIT

Equistone sold its investment in Acces Industrie to Delmas Investissements & Participations, a French family investment group.

The partnership with Acces Industrie has been a very successful journey driven by an outstanding management team. The company has delivered an impressive performance, growing considerably both organically and through acquisitions, and we are convinced that Acces Industrie is ideally positioned to continue its growth story in France and in Europe.

Grégoire Châtillon, Partner and Jérémy Mathis, Director, Equistone Partners France
Holding period
Apr.2019 / Apr.2024
Country
France
Sector
Business & Financial Services
Revenue Progression
€161-€370m
Employees at ACQ.
1,600
Number of build-ups
19
Investment Type
Secondary MBO

Vulcain Engineering Group is a leading French engineering consultancy group.

Founded in 1998, Vulcain specialises in the nuclear power, energy, pharmaceuticals and transportation sectors. Its highly qualified engineers provide expertise and specialist knowledge, primarily for large-scale projects, in the design, engineering, procurement, commissioning and construction phases of power plants, railways or energy distribution infrastructure and liquefied gas vessels or installations, as well as in the commissioning of production lines for vaccine producers in the pharmaceutical sector.

Since acquisition, the group’s revenue has increased from €161m in 2019 to €370m, and its workforce expanded to some 4,000 employees.

VALUE CREATION

Equistone has worked closely with the management team to support Vulcain’s transformation into a fully integrated European engineering group and its mission to assist its customers in designing, building, and maintaining infrastructure more sustainably and responsibly.

As part of this, the group has decreased its activities in upstream oil to less than 1% of revenues in favour of pursuing opportunities in renewables, hydrogen, electricity transportation, natural liquefied gas infrastructure, and carbon capture solutions either organically or through selective add-on acquisitions. Its focus on ESG has been recognised, with the group achievinga gold medal in the EcoVadis ranking for two years in succession.

Equistone has leveraged its European network to support the expansion of the group’s international footprint and strengthen its presence in key markets, with 19 strategic acquisitions completed across eight countries, including the UK, Benelux, Switzerland and Finland, as well as new territories in Germany, Canada, Denmark, Spain and the Middle East.

EXIT

Equistone sold its investment in Vulcain Engineering Group to a consortium of investors led by Ardian, in association with Tikehau Capital and EMZ and supported by Bpifrance, Amundi and the Fonds France Nucléaire, managed by Siparex.

We are happy to have supported Frédéric Grard, Alban Guilloteau and Vulcain Engineering in its transformation into a true European player. Vulcain’s trajectory illustrates what constitutes Equistone’s DNA: positively supporting high-quality management teams and supporting their development strategy in France and internationally to become leading players in their sector.

Grégoire Châtillon, Partner, Equistone Partners France
Holding period
Jul.2019
Country
France
Sector
Industrials
Revenue progression
€74m
Employees at ACQ.
200
Investment Type
Secondary MBO

Sateco is a leading French provider of metal formworks and safety platforms.

Founded in 1953, Sateco designs and manufactures metal formworks and safety platforms, which are sold to clients primarily in the construction industry. The business also offers complementary services such as equipment rental, maintenance, technical support and training.

Initially focused on local SMEs, the management team has achieved a strong market position in a short timeframe among national SMEs and major French construction groups.

Having established a strong reputation and well-known brand within the industry, Sateco supplies its diverse customer base, with a wide range of formworks and platforms.

Sateco, which is a subsidiary of SKENA Group, employs over 200 people at its two production sites in Mirebeau and Maillé in the west of France, which have capacity to generate c.110,000 square metres of formworks and c. 14,500 metres of platforms. Recently, the group has acquired an additional leased production site in Geneva, Switzerland.

The business maintains a strong focus on safety, ergonomics and productivity features to meet EU legislation standards.

Holding period
Feb.2019 / Nov.2024
Country
France
Sector
Consumer
Revenue Progression
€326m-€735m
Employees at ACQ.
1,800
Number of build-ups
1
Investment Type
Primary MBO

Courir is a leading French retailer of sneakers.

Founded in 1980, Courir has built strong and longstanding partnerships with major brands, including Nike, Adidas, New Balance and Puma, enabling the group to offer exclusive product lines, limited editions and capsule collections as part of its wide range of products.

With over 320 stores across Europe, including one of the largest store networks in France, and a growing omnichannel approach, Courir has rapidly established itself as a leading retailer in lifestyle and fashion footwear, particularly amongst women and young people.

VALUE CREATION

Equistone has worked closely with the management team to support Courir’s carve-out from Groupe Go Sport, which involved a 15-month investment programme to enable Courir to operate on a standalone basis and included the implementation of new IT infrastructure and the recruitment of a CFO, an e-commerce manager and a senior digital advisor. 

Courir has achieved significant geographic expansion outside of France, opening 20 stores in Spain, 22 in Belgium, five in Portugal, three in the Netherlands and two in Luxembourg. Further expansion resulted from the group completing its first add-on acquisition of Denmark-based online retailer, Naked in July 2021. 

A strong focus on investing in Courir’s digital development led to the appointment of a non-executive director to accelerate this strategy. As a result, Courir has developed a growing omnichannel approach combining e-commerce, web-to-store and store-to-web sales, which has generated a three-fold increase in digital sales.

Overall, revenue has significantly increased, from €390m in 2018 to €735m in 2023, and the group employs over 2,500 people across Europe.

EXIT

Equistone sold its investment in Courir to JD Sports, a global omnichannel retailer of sports, fashion and outdoor brands

 We are proud to have worked so closely with Courir’s management team on building a company which has become a leading European retailer in sportswear. The company’s growing omnichannel approach, pan-European expansion and consistently strong financial performance is testament to the effectiveness of our partnership. 

Julie Lorin and Grégoire Schlumberger, Partners, Equistone Partners France
Holding period
Apr.2018 / Sep.2025
Country
France
Sector
Consumer
Revenue Progression
€507m – €1.1bn
Employees at ACQ.
648
Number of build-ups
4
Investment Type
Secondary MBO

Karavel Groupe is one of the largest tourism groups in France.

The group’s three brand platforms are FRAM, Promovacances, and ABcroisières, which, together with a network of 170 physical agencies across France, offer online package holiday deals at 250 clubs and resorts, as well as over 500 tour packages worldwide.

Karavel Groupe’s successful multi-channel strategy means its online platforms attract more than 7 million unique visitors each month and assist nearly one million customers annually.

Since our investment, Karavel Groupe has doubled its revenues to over €1 billion and expanded its workforce to more than 1,000 employees.

VALUE CREATION

Initially, Equistone backed the management team’s plans to develop a new, more flexible travel offering, along with continued expansion through add-on acquisitions. In particular, Karavel Groupe pursued the acquisition of Thomas Cook agencies in France, which completed in 2019. 

With the onset of the Covid pandemic affecting the entire travel industry, Equistone continued its support throughout the crisis with five follow-on capital commitments and also assisted with raising over €50m of state-guaranteed loans and subsidies, as well as a direct governmental loan, both in 2020 and in 2021. In parallel, Equistone supported the group’s strategic initiatives to develop direct online sales, reposition its renowned ‘Club’ offering, and improve its IT systems while the industry was in shutdown.

As a result, Karavel Groupe rebounded successfully after the pandemic and is now in a strong position in the French travel market, with several competitors having either been forced to scale down operations or not withstood the challenges during the pandemic.

EXIT

Equistone sold its investment in Karavel Groupe to a consortium comprising Montefiore Investment, Ceres Industries Capital and CFJ (Compagnie Financière Jousset).

 We are especially proud to have supported its leadership and management during the COVID-19 pandemic — a particularly challenging time for the tourism industry — by injecting further equity into the business to ensure stability and accelerate its digitalisation strategy. 

Julie Lorin, Partner, Equistone Partners France
Holding period
Dec.2017 / Sep.2023
Country
France
Sector
Consumer
Revenue Progression
€45m-€69m
Employees at ACQ.
54
Number of build-ups
2
Investment Type
Secondary MBO

Dugas is a leading French wholesale distributor of premium spirits.

Founded by François-Xavier Dugas in 1980, Dugas offers one of the widest ranges of exclusive and premium brand name spirits in France and specialises in the fast-growing rum and whisky segments.

The business sources its products directly from distilleries around the world, and actively supports them with branding, product and trade marketing, education and distribution services.

As a recognised market expert, Dugas is able to offer product advice to its customers as well as promote new brands, which are replenished on a regular basis. As a result, the business has established a diverse and multichannel network of customers, which include c. 4,000 wine merchants as well as leading hotels, restaurants, bars, cafes, cash & carry stores, generalist wholesalers and mass market retailers.

VALUE CREATION

Working in partnership with Equistone, Dugas has combined significant organic growth with a selective acquisition strategy in order to expand its geographic coverage and develop own-label brands alongside over 100 exclusive brands and distilleries.

In 2018, Dugas acquired Les Rhums de Ced, a French manufacturer of flavoured rums, and supported its growth, notably through a major extension of the production site in 2022. 

Equistone managed the succession of the founder, François Xavier Dugas, who was replaced by Tom Van Lambaart when he retired at the end of 2021. Tom strongly supported the group’s transformation to absorb the increase in volumes related to the development of mass-market retail for both own-label and represented brands.

Since Equistone’s investment, Dugas has seen its revenue increase from €45m in 2017 to €69m for the financial year ending December 2022.

EXIT

Equistone exited its investment in Dugas to Stock Spirits Group, a Polish spirits business majority-owned by funds advised by CVC Capital Partners.