LBO France, PAI in second round for Alliance Marine

The France-based business is marketed based on EBITDA of EUR 15m-20m, as previously reported. When Weinberg acquired the business in 2016, the company generated around EUR 8m-9m in EBITDA, according to a third source familiar.

"The company is a distribution business, which not all PE firms are comfortable with, but PAI and LBO France do these kinds of deals,” a fourth source familiar said.

Natixis Partners is advising on the sale.

Under Weinberg ownership, Alliance Marine went on a bolt-on shopping spree: in 2017, it bought French company Midinox and German firm Bukh Bremen, as per boatindustry.com.

This was followed by the acquisition of Italy-based FNI in 2018. The latter two were the first international expansion transactions of the company, according to a statement by Weinberg. After the acquisition of UK-based 3SI in 2018, the group was generating EUR 170m in sales and had 700 employees, according to a statement by the company.

Subsequently, Alliance Marine acquired French peers Sogeric in 2019 and HDS in 2020. This year, the group proceeded to buy Dismarina Mediterranea, Navinordi and 12seemeilen, based in Spain, Sweden and Germany, respectively, according to company statements.

Alliance Marine provides boat fit-out and maintenance products as well as safety-at-sea and rescue equipment, serving the leisure boating, watersports and commercial marine industries. It operates 15 brands, according to its website.

Weinberg and PAI declined to comment. Alliance Marine, Natixis and LBO France did not respond to a request for comment.

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