Activa's Alliance Etiquettes bolts on Irisgraphic

Alliance Etiquettes was formed after Activa acquired labelling specialist Imprimerie Laulan in 2015 and merged it with Enes Group, which it bought later that same year.

The buy-and-build platform has seen seven bolt-ons to date. Most recently, Alliance acquired Groupe Etienne, a French producer of adhesive and traditional labels for the wine industry, in February.

This latest add-on enables Alliance Etiquettes to pass the €50m turnover mark. The group expects synergies of production and geographic coverage between Alliance and Irisgraphic will allow it to better serve clients and roll out its global offering.

Activa did not deploy additional capital in order to finance the bolt-on.

Alliance Etiquettes will continue looking for build-up opportunities, according to Activa.

Company
Based in Couzeix, Irisgraphic was created in 2010 by Renaud Pouget. It is a printing company specialising in producing adhesive labels for agri-food companies.

People
Activa Capital – Christophe Parier, Alexandre Masson (partners), David Quatrepoint (manager).

Advisers
Acquirer – 8 Advisory, Bertrand Perrette, Damien Petillon (financial due diligence); Brunswick, Sébastien Peronne, Aude Idris (legal, tax); Indefi, Julien Berger, Adam Laissaoui (commercial due diligence); Mayer Brown, Olivier Aubouin, Marine Ollive (legal).

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• Topics
• Portfolio management
• France
• Industrials
• Activa Capital
• Build-up