LBO France acquires Serapid

Serapid managers Emeric Labesse and Guillaume Davies are investing alongside LBO France to take a minority stake. Company CEO Saïd Lounis is also re-investing alongside the GP.

LBO France drew equity from its small-cap buyout vehicle Hexagone III, closed on €154m in 2010. The fund takes majority stakes in French businesses valued at less than €100m. LBO France claims to have €172m of capital under management through its small-cap branch, with 23 transactions closed since 2003.

The primary buyout was negotiated off-market and was a proprietary transaction, according to the GP. LBO France will focus on supporting expansion abroad. Serapid added that it would consolidate existing production lines, and expand the applications of its technology by entering the medical, defence and lift markets for freight, trucks and cars.

Company
Founded in 1972, Serapid manufactures telescopic mechanical links used for the horizontal and vertical displacement of heavy loads and the rapid change of press tools. The technology is used in the automotive, nuclear, aerospace, medical and entertainment sectors.

Originally based in Dieppe, Serapid now also has headquarters in Sterling Heights, Michigan. It generated sales of €26m in 2016. Around 59% of the company’s revenues are generated in Europe, while 37% are recorded in North America and 4% in Asia. Serapid currently employs 116 people.

People
LBO France - Jean-Marie Leroy (small-cap partner); Louis de Lummen (investment manager); Karine Callec (general counsel).

Advisers
Equity - EY, Jean-François Nadaud, Guilhem de Montmarin (financial due diligence); LEK Consulting, Serge Hovsepian, Maxime Julian (commercial due diligence); Jeantet, Philippe Matignon, Pascal Georges (legal).

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• Buyouts
• France
• Industrials
• France
• LBO France