3i sells Etanco to management and ICG

3i will reap €102m in proceeds from the sale, representing a 33% uplift on the €75m valuation of the investment on its books as of March this year.

The company has grown organically and through acquisitions since 3i acquired it in 2011, with the GP reporting a 20% annual growth of exports while bolstering its positions in the French and Italian markets. The company also acquired fastening businesses in Poland and Romania to establish a presence in this region.

Previous funding
3i bought  a majority stake in Etanco from IK Investment Partners in 2011 – the secondary buyout was understood to be valued at around €370m, according to Unquote Data, with 3i investing €145m, according to its website. IK was believed to have reaped a 2x multiple on its original investment in Etanco at the time.

Chief executive Ronan Lebraut reinvested to hold 25% of the company's shares. Societe Generale, Crédit Agricole and CIC provided a debt package to finance the acquisition.

IK had acquired Etanco from the Lebraut family in 2008, in partnership with CEO Ronan Lebraut, members of the founding family and management. Debt was provided in equal part by both Societe Generale and CIC. The deal valued Etanco at around €250m.

Company
Le Pecq-based Etanco was founded in 1952 by the Lebraut family. The company designs, manufactures and distributes building fasteners and fixing systems. It currently employs 800 staff.

People
3i – Rémi Carnimolla (partner, managing director).
ICG – Hadj Djemai (head of southern Europe, equity & mezzanine).

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• Topics
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