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.

Averys is a leading European manufacturer of industrial storage solutions, racking and metal furniture.

Founded in Paris in 1985, Averys designs and builds pallet racking, light to heavy duty shelving and metal furniture including office filing cabinets and lockers. Its eight specialised subsidiaries support more than 8,000 customers in logistics, distribution, industrial, retail, tertiary and administration.

Having executed a successful buy-and-build strategy for many years, which included the acquisition of Stow Group in 2013, Averys has become Europe’s largest player in the racking industry.

VALUE CREATION

Working in partnership with Equistone, Averys has continued with its strategy of combining significant organic growth with targeted acquisitions in order to expand its product offering and reinforce its commercial and industrial networks.

Equistone managed the succession of former CEO, Jean-Dominique Perreaux, who retired at the end of August 2017 and was replaced by Jos De Vuyst, the former managing director of Stow Group.

In May 2018, the acquisition of Storax, based in Portugal, provided Averys with a complementary industrial base in Southern Europe to support its existing customers. The transaction also offered additional growth prospects for automated products such as shuttles, mobiles and silos that benefit from Storax’s excellent brand image and renowned technological expertise.

Since Equistone’s investment, Averys has seen its revenue increase from €357m in 2015 to €602m budgeted for the financial year ending December 2018 and seen its workforce grow to 1,760 employees.

EXIT

Equistone sold its investment in Averys to Blackstone.

Bretèche Industrie is a leading global supplier of agro-food processing equipment.

Formed through the consolidation of seven food equipment manufacturers, Bretèche Industrie specialises in the storing, dosing and mixing of food, pharmaceuticals and cosmetic products.

The group has extensive expertise in the design and production of equipment ranging from standard machines, such as kneading and mixing machinery for craft and industrial baking, to production lines including automated kneading lines, storage and dosing systems and specialist production lines for Emmental cheese.

Bretèche Industrie also supplies equipment for the processing of pharmaceuticals, and homogeniser and mixer equipment for the cosmetics industry.

VALUE CREATION

Equistone has worked alongside the management team to support its plans for expansion through two successful build-ups:

• In February 2015, Bretèche Industrie’s German subsidiary, Diosna, acquired Hannover-based IsernHäger, a specialist in liquid sourdough technologies;
• In July 2016, the acquisition of Shick, a Missouri-based provider of ingredient automation systems, enabled Bretèche Industrie to establish a presence in the United States.

During the investment period, Bretèche Industrie has demonstrated strong growth, increasing revenue from €165m in 2013 to €244m forecast for the financial year ending 2017.

Early in the life of the deal, Equistone oversaw a change in senior management by making key internal promotions to the CEO and CFO roles. Equistone then introduced Jacques Sellier, who acted as an advisor to the new management team and focused on operational value creation. Equistone also supported the improvement of reporting systems and internal procedures at subsidiary and group level.

EXIT

Equistone sold its investment in Bretèche Industrie to IK Investment Partners.

Coventya is a global leading developer and supplier of electroplating and surface treatment chemicals.

Headquartered in Paris, Coventya offers a wide range of technically innovative OEM-certified products to its customers in industries including automotive, oil, fashion and construction, predominately in Europe, but also in North America, Brazil and Asia.

VALUE CREATION

Working closely with the management team, Equistone has supported Coventya’s plans for further growth through a buy-and-build strategy, which has resulted in the completion of four build-up acquisitions during the investment period.

In 2011, Coventya acquired the electroplating operations of Chemetall-Rai in India and in the following year, the business expanded its reach into the Brazilian market with the acquisition of UK-based Molecular Technology. In December 2012, a further two acquisitions were completed:

• Premium Solutions in the United States;
• Ecostar in Korea.

As a result, the business has significantly expanded its geographic footprint into emerging markets and diversified into new industry sectors.

Since Equistone’s investment, Coventya has demonstrated both external and organic growth, with revenue increasing by 28%, from €103.2m in 2011 to €132.2m budgeted for 2016, and EBITDA forecast to grow by 38%.

EXIT

In May 2016, Equistone sold its investment in Coventya to Silverfleet Capital.

La Toulousaine (now Stella Group) is a leading French manufacturer of custom-made metallic gates and curtains, roller shutters, aluminium gates and sectional doors.

At the time of acquisition, Stella Group was formed of two companies: La Toulousaine and Profalux. La Toulousaine is a manufacturer of commercial metallic gates and curtains for retail stores and sectional doors and aluminium gates for industrial and residential use. Profalux is a leading manufacturer of aluminium roller shutters. In June 2012, the group acquired a third business, Eveno, a leading supplier of roller shutters in France

VALUE CREATION

During Equistone’s investment period, Stella Group’s strong business model has been demonstrated by its ability to withstand macroeconomic cycles through significant productivity improvements and market share gains. As a result, turnover has increased from €94m in 2010 to a 2015 forecast of €155m and the EV has nearly doubled during Equistone’s investment period.

Working closely with the management team, Equistone has supported Stella Group’s plans for further growth and the development of its product offering with the:

• Purchasing of Profalux’s real estate in June 2011, which expanded production capacity.
• Acquisition of Eveno, in western France in June 2012, which expanded its footprint outside the southeast of France, broadened its product offering and diversified its distribution channels;
• Hiring of a group CFO in October 2012;
• Refinancing of the group’s initial debt package in April 2014;
• Significant investment in the three businesses to develop capacity and improve productivity through best practice sharing.

EXIT

Equistone completed the sale of its investment in the group to ICG.

Aerocan Group is the European leader in the manufacture of aluminium aerosol cans for the personal care and pharmaceutical industries.

Aerocan is uniquely positioned as the only player with both an integrated slug production capacity and manufacturing facilities in Eastern and Western Europe. Furthermore, Aerocan is one of the main suppliers to key customers in the large personal care segment.

EXIT

Equistone completed the sale of Aerocan to Ball Corporation, one of the world leaders in metal packaging, for approximately €221m inclusive of debt and other liabilities. The acquisition of Aerocan by Ball Corporation offers new opportunities for Aerocan, particularly for its customers outside Europe.

Converteam (formerly Alstom Power Conversion) specialises in the supply of systems and equipment that converts electrical energy into mechanical energy, such as drives, controls, motors and generators.

The company recorded sales of over €1bn in 2010.

Converteam operates in four markets: marine & offshore (particularly with electrical propulsion systems for civil and military vessels), metals processing, oil & gas and renewable energy.

Converteam’s main sites are located in France, Germany, UK, USA, Brazil, China and India.

New investors joined the shareholder base in September 2008 resulting in the business being owned by LBO France, the management team and employees, alongside Equistone until September 2011.

EXIT

The group was sold to General Electric for a €2.5bn enterprise value.

Martek Power is one of the world’s leaders in the power conversion industry.

With over 40 years of experience, Martek Power possesses a unique expertise in the design and production of power conversion products for high technological aeronautical, defence, medical, telecom and railway industries.

The ability of Martek Power to adapt to clients’ specific needs has made it the French leader of ‘customised’ products and No. 3 worldwide in ‘standard’ military supplies. Martek Power employs more than 930 employees in France, UK, USA, Mexico, Tunisia and China.

EXIT

Equistone sold its stake in Martek Power to Coopers Industries for €130m.

Fläkt Woods manufactures and distributes heating, air conditioning and air climate solutions for the building industry and until 2013, for infrastructure & industry, when the division was sold to Colfax.

Working closely with the management team, Equistone and Sagard have supported Fläkt Woods plans to explore growth opportunities, which resulted in the acquisition of six build-ups, materialising its strategy of geographic expansion and technological strengthening. Over the investment period, Equistone proactively backed the management team in the industrial reshaping of the group and the company positioning on energy and environmental-friendly system and solution..

VALUE CREATION

In 2007, two air solutions specialists were acquired: Semco in the US and Symor Oy. Caryaire Air Management Systems based in India and Airchal in France were acquired in 2009. Part shares in Finnish-based Iloxair, which specialises in energy recovery Units was purchased in 2012 and, most recently, majority shares in Danish-based ClimateConsult, ventilation and fire safety specialists, were acquired in 2014.

EXIT

Equistone sold its investment in Fläkt Woods to Triton.

Scaff’Holding designs, manufactures, rents out and sets up scaffoldings and propping equipment. It supplies to a wide variety of industries including construction, aerospace, petrochemicals maintenance and special events.

The business operates under two brand names: Entrepose Echafaudages, which specialised in the rental of scaffoldings and operates through 16 branches and Mills, which specialises in the rental of props, formworks and scaffoldings and operates through eight branches.

From 2009-2011, demand suffered due to the economic environment, notably in the UK, Portugal and Spain, where the group wound down its activities.

Over the last two years market conditions have been more favourable in France due to the increasing number of public infrastructure tenders. Market prospects remain good with future plans for new high-speed trains, highways, maintenance and dismantling of nuclear facilities and maintenance of oil and aeronautics facilities on the agenda. Algerian and Brazilian markets are also promising and the group plans to expand its overseas presence further by shipping more materials to these markets.

EXIT

In April 2013, Equistone sold the majority of its shareholding in Scaff’Holding in a tertiary MBO transaction. The management team increased its stake in the business with the backing of two French private equity funds.

Equistone sold its remaining equity stake in two tranches, with one in December 2013 and the final tranche in July 2014.