Siparex backs Flip in owner buyout

Although the stake held by the GP remains unknown, it said it had invested €3.2m in the OBO.

Siparex invested through its mid-market buyout fund Siparex Midcap 2, which closed on €130m in 2012. The fund targets businesses with revenues of €10-40m, committing equity tickets of between €2.5-10m. 

Siparex acquired its stake from industrial group Hella – an Austrian designer and manufacturer of weather protection systems. Hella took a minority stake in the group in 2013.

The current transaction enables company director Geoffroy Toulemonde to increase his majority stake in the group, according to Siparex. Future acquisition targets have been identified, the GP said.

Flip will look to double its current €20m turnover over the next five years.

Debt
A senior debt package provided by Banque Populaire and Crédit Agricole supported the transaction.

Company
Founded in 1947 and based in Gondecourt, near Lille, Flip makes bespoke roller shutters for corporate customers.

It currently employs 110 staff in France, and recorded turnover of €20m in 2016.

People
Siparex – Antoine Krug (CEO); Stéphanie Malysse (director).

Advisers
Equity – Hepta, François Blanquart (legal); KPMG, Caroline Desgouillons (financial due diligence).   
Vendor – Alexandre Merveille (legal).   

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• Owner buyout