Ouest Croissance, Adaxtra back Avignon Ceramic

The transaction saw Philippe Coulon appointed as the new president of Avignon. The funding will allow the company's R&D teams to continue product development.

Adaxtra invested via its Adaxtra France fund. The GP has assets under management of €100m and typically provides equity tickets of €1-8m. Senior debt for the deal was provided by Crédit Industriel et Commercial, Banque Tarneaud and Crédit Agricole.

Company
With roots going back to 1870, Avignon historically produced porcelain. Since 1990, the business has been operating ceramic injection moulding (CIM) production, and manufactures technical ceramic parts and cores, mainly for the production of aerospace engine parts and gas turbines. Its products are also used in the medical and automotive industries.

Based in Bruère-Allichamps, the company generates a turnover of €7.5m and employs 100 people.

People
Adaxtra Capital – Julien Godard (president); Ludovic Sarrazin (investment director).
Ouest Croissance – Olivier Philippon (investment director).
Avignon Ceramic – Philippe Coulon (president). 

Advisers
Equity – HPML, Thomas Hermetet, Marina Llobell (legal).
Management – Éric Vannier (legal).

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