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WeiChai buys ex-AXA PE portfolio company

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Former AXA Private Equity portfolio company Moteurs Baudouin has been purchased by Chinese company WeiChai. The company filed for protection in October 2008 and had been operating on a reduced capacity ever since. The firm was unable to recapitalise its debt with its creditors Lyonnaise de Banque, Credit Agricole Alpes Provence, Fortis Banque and Societe Marseillaise de Credit. As a result, the Marseille court has accepted WeiChai's offer of injecting EUR4.5m into the company. According to the deal, the new owner has guaranteed the 118 staff will retain their jobs and that there will be no decentralisation of the company for the next 15 years.

AXA Private Equity originally purchased a majority share in the company alongside the management and historical shareholders in 2005 via its fund, AXA Expansion I. AXA took 63% of the shares via newco ASD Equity while the management retained 10% and the balance was retained by existing individual shareholders.

Marseille-based Moteurs Baudouin was founded at the beginning of the twentieth century. The company designs, manufactures and sells marine diesel engines that are particularly suited for hostile environments and most heavy-duty industrial applications. The main applications for its marine engines are in professional use such as fishing, freight and passenger transport, tugboats and service applications.

WeiChai is a Chinese company, specialising in the manufacture of high-speed heavy-duty diesel engines.

Jason C Lin presented the deal to the court for WeiChai. Baudouin d'Herouville and Francois Jerphagnon worked on the original deal on behalf of AXA Private Equity in 2005.

Platina Partners purchases Compobaie's assets

Platina Partners has purchased Compobaie's assets from the French courts, forming Compobaie Solutions SAS. Compobaie is a producer of pre-fabricated window units for residential housing.

While the company has strong expansion, the unforeseen contractions in the new housing market in France caused substantial losses. Compobaie sought protection from its creditors in July 2008 and finally went into administration on 25 November 2008.

The company, based in Marssac and founded in 1989, manufactures high quality ready-to-lay one-block windows including frame, joinery, and closure for the French housing market. In 2007, the company had 10 production sites, employing a total 300 people in France, with a EUR35m turnover.

Platina will seek to refocus the business on its core regions in South-West France, where the firm has significant market penetration, while continuing production on four sites in the same region.

The company will retain 165 employees and continue to meet the needs of Compobaie's clients. Compobaie's turnaround is expected to weather the downturn and return to profitability in the near future.

Fabien Castello and Guilhem Ricci worked on the deal for Platina Partners. Company founder Jacques Anglade remains at the helm of the marketing and commercial side of the business while Philippe Lacarriere becomes the company's chief executive officer.