Activa's Alliance Etiquettes bolts on Applic'Etains

Alliance Etiquettes was formed after Activa acquired labelling specialist Imprimerie Laulan in 2015 and merged it with Enes Group, which it bought later in the year. Representing a total €30-40m in enterprise value, the new group was based in Imprimerie Laulan's existing headquarters in south-west France, and headed by CEO Olivier Laulan. Activa's investment was the first to be financed via its third fund.

The group later bolted on Maumy Impression and Imprimerie D3 in 2016.

Activa aims to turn Alliance into the leading independent wine and premium food labels producer in France and Southern Europe.

Company
Applic'Etains is a French firm based in the Dordogne that designs and produces high-end pewter labels for the wine and spirits industry. The firm is managed by its founder Thierry Vandenbosch. It has a 4,300-square-meter production facility, with 80% of its output exported.

People
Alliance Etiquettes – Olivier Laulan (president).
Activa Capital – Alexandre Masson, Christophe Parier (partners); David Quatrepoint (manager).
Applic'Etains – Thierry Vandenbosch (founder).

Adivsers
Equity – 8 Advisory (financial due diligence); Brunswick (legal); Indefi (strategic due diligence).
Vendor – Lexcap (legal).

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