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.

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.

Novares is a global supplier of plastic components for the automotive industry.

Founded in 1955, Novares, formerly Mecaplast, designs and manufactures complex plastic components for passenger vehicles, including interiors, exteriors and engine parts.

Novares has established a strong global presence, with operations in 22 countries and 37 production facilities across Europe, Asia and the Americas, and employs close to 10,000 people. The group maintains its market-leading position by investing significantly in research and development at its twelve technical centres, and it also benefits from the trend of substituting metal for lightweight plastic parts.

The group’s customers include many leading car manufacturers, such as Stellantis, Ford, Toyota, GM, Renault-Nissan, VW and BMW.

VALUE CREATION

During Equistone’s investment period, Novares completed three add-on acquisitions:

• In 2016, Mecaplast acquired its US competitor, Key Plastics. Following the merger, the group rebranded as Novares and became a global leader in automotive plastics components;
• In 2017, Novares completed the acquisition of Portuguese technical plastics manufacturer Arouplás Plásticos Técnicos;
• In 2019, further expansion in the US was achieved through the acquisition of Miniature Precision Components (MPC).

In 2020, Equistone worked alongside the management team to navigate the significant disruption caused during the Covid pandemic while production was halted across Europe, the US and China. This included a capital injection, raising new loans and agreeing on a debt restructuring plan. Furthermore, Equistone worked with the management team on performance improvement and cash management initiatives to improve the group’s positioning and growth in its market.

EXIT

Equistone sold its investment in Novares to Global Technologies, a subsidiary of a US-based supplier to the automotive industry.

Compin-Fainsa provides seating and interior fittings for passenger trains, buses and coaches.

Founded in 1902 as a designer of passenger train seating, Compin has since diversified its product range into other segments, such as train interiors and bus seats.

Equistone and Bpifrance supported the acquisition of Fainsa, a leading Spanish provider of train and coach seating, in 2015, which led to the creation of the Compin-Fainsa group. Later that year, the group acquired GAIT, a supplier of train floors and tables based in Andalusia.

EXIT

Equistone sold its investment in Compin-Fainsa to Tikehau Capital.