Stirling Square buys Vernet

Jean Sébastien Frank, president of Vernet and grandson of the company's founder, has acquired a minority stake.

The transaction is the ninth investment of the Stirling Square Capital Partners III fund, which was launched in 2014 and reached a €600m final close in January 2016, surpassing its €500m target. A source close to the deal disclosed that 80% of the fund is currently deployed. 

Stirling Square invests in companies with enterprise values of between €50-500m. The firm manages three funds and co-investment positions, totalling €1.5bn in assets under management.

Senior debt for the transaction was provided by Barings and Pemberton. 

The GP plans to leverage existing capabilities to expand internationally.

Company
Founded in 1927 and headquartered in Ollainville, Vernet is a designer and manufacturer of fluid thermostatic regulation components primarily for the sanitary, heating, ventilation, automotive and industrials end-markets.

The company generates sales of €145m, and its customer base consists of international equipment manufacturers. The company controls market shares of between 35% and 50% across all of its core segments. It employs 870 people across five manufacturing facilities in France, the US, China and Argentina. 

People
Stirling Square Capital Partners – Julien Horreard (partner).
Vernet – Jean Sébastien Frank (president); Benoit Halard (CEO).

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