Unigrains and Cerea support Moret Industries OBO

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Unigrains and Cerea Mezzanine have taken a stake of less than 10% in Moret Industries as part of an owner buyout deal with combined equity and mezzanine investment worth around EUR10.5m. The deal sees three families who hold the company's shares dilute their stakes; although none of them have fully exited.

Moret Industries, which celebrates its 140th birthday this year, has two main activities: the design and production of industrial pumps via Ensival Moret; and through Maguin Interis, the development of industrial processes and solutions from conception to implementation on four main activities: beet sugar, the drying of organic and mineral products, alcohol and fuel-ethanol, and the incineration of industrial and hospital wastes.

The deal was funded by a senior debt of EUR25m provided by CIC, LCL, Fortis, Natixis and BNP Paribas, while a mezzanine tranche of EUR2.5m was provided by Societe Regionale d'Investissement de Wallonie and a further tranche was provided by Unigrains and Cerea Mezzanine.

Moret Industries recorded a turnover of EUR215m in 2008 and the company is valued at more than EUR100m.

The deal is particularly significant in light of the continuing drop in buyout volume and values as well as this month's cancellation of the Prezioso Technilor deal with 21 Centrale Partners and the Giannoni sale.