Capital Grand Est and Agro Invest back MBI of TSA Inox

The transaction, which comes as TSA's current CEO Eric Vinay prepares to retire from the business, sees Grand Est and Agro Invest take a majority stake, with Caisse d'Epargne Alsace Capital Développement joining as co-investor.

The GPs structured a management buy-in transaction through which Philippe Jeannot is appointed as the company's new CEO, taking over from Vinay, who will stay on as a minority shareholder.

According to TSA, the new backers made their investment with a mix of equity and convertible bonds. With their support, the company will continue its expansion in France and also abroad, where it currently generates around a quarter of its sales.

Debt
A senior debt package arranged by Banque Européenne Crédit Mutuel (BECM) and comprising CIC Est and Caisse d'Epargne supported the transaction.

Company
Founded in 1990, TSA manufactures stainless steel storage products used in food processing, electricity, pharmaceutical production, baking, catering and other activities.

Based in Moussey, France, the company manages three manufacturing sites based in France and Slovakia, and posted €20m in revenues last year.

People
Capital Grand Est – Jean-Lin Bergé (CEO).
Agro Invest – Olivier Guize (CEO); Laurent Roquette (investment director).

Advisers
Equity – Advance Capital, Olivier Poncin, Thomas Bettan (financial due diligence); ERM, Julien Famy (environmental due diligence); Cosma Experts, Philippe Labau (insurance due diligence); PwC, Philippe Gramling, Jessica Hess (legal); Lealta Avocats, Olivier Thoury (legal).
Vendor – Clairfield International, Bertrand Hermez, Marie Dokchine (corporate finance); BGB & Associés, Alexandre Gaudin, Virginie Gouvrat (legal).

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• Topics
• Buyouts
• France
• Industrials
• France
• Management Buy-in