Isatis reinvests in SPPP group alongside BPI France

The transaction was structured as an unleveraged buyout to allow a partial exit for Isatis, with several of the GP's older funds realising their 2012 investment. Nevertheless, the firm chose to reinvest in SPPP through its Isatis Development 2 fund, alongside BPI France. Both investors had backed the company's management buyout in 2012, spinning off the business from its parent Sora Composites.

Managed by corporate finance house Capitalmind, this latest share capital reshuffle saw Cita back the business alongside individual investors Gérard Chochoy and Jean Brunol. The former was founded in the 1980s as a partnership between the French state and Kuwait's sovereign investment arms KIA and KPC.

Although initially structured as an investment company, Cita started managing closed-ended funds in 2001 with the launch of the €76m Cita FCPR1 vehicle. In addition, its still manages €100m on a permanent basis, investing between €1-15m per deal.

SPPP will dedicate the fresh funding, which totalled €9m according to a source close to the situation, to further develop its Echochrome plating solution and will also look to further develop internationally.

Company
Established in 1987, SPPP (standing for Société de Peinture sur Pièces Plastiques) targets the automotive sector, offering plastic surface coating for car body and interior parts. Based in Laval and with a further production site in Slovakia, SPPP employs 240 staff and generates a €25m turnover.

People
Isatis Capital – Nicolas Schwindenhammer (associate director); Charles Collin (business development manager).
BPI France – Guillaume Bardy (investment director); Stephen Fargis (investment manager); Sophie Paquin (legal director).
Cita Investissement – Philippe Queveau (managing director); Jean-Stéphane Bonneton (partner).

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• Topics
• Buyouts
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• Isatis Capital
• BPI France