CM-CIC et al. inject €53.5m in Socomore

Francesca Veronesi
12 July 2018

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A consortium of new and existing investors have bought a minority stake in France-based Socomore, a producer of surface treatment products used in the aerospace industry, while CEO Frédéric Lescure has retained a controlling stake.

CM-CIC Investissement – a backer of the business since 2011 – and new investor Raise, each provided a €20m ticket.

Ace Management, which has backed the business since 2013, and new investor BPI France provided €10m and €3.5m respectively.

Ace used its Aerofund III for the investment, which closed on €150m in 2014.

The new round of funding will help Socomore to expand internationally, particularly in North America and Asia.

Previous funding
CM-CIC invested €4m in Socomore in 2011. Subsequently, the GP alongside new backer Ace Management took part in a €3.2m funding round for the business in 2013, with Socomore's management also investing in the round.

Company
Founded in 1972 and based in Vannes, Socomore designs, manufactures and commercialises products for the preparation, protection, treatment or control of metallic or composite materials used in the aerospace industry.

Socomore expects to generate a turnover of €65m in 2018 (it reported a €30m turnover in 2012). The business has a headcount of 250 people and operates 19 subsidiaries and six manufacturing units in France, Ireland, the US, Canada, Brazil and China – 63% of the company's turnover is generated abroad.

People
CM-CIC Investissement – Badri Ben Grine (director); Anthony Hillion (investment director).
Raise – Alexandre Gontcharov (investment director); Gonzague de Blignières (co-founder); Victoire Simon, Vincent Sauzay (chargée d'affaires).
Ace Management – Delphine Dinard (partner); Valérie Dixneuf (director).
BPI France – Jean‐Marie Fougeray (investment director); Jean-Louis Etchegoyhen, Thierry Decker (funds directors).

Advisers
Equity – Exelmans Audit & Conseil, Manuel Manas, Thomas Charmeau (corporate finance); ERM (ESG due diligence); Agilys Avocats, Baptiste Bellone, Madalina Suru (legal); LB Avocats, Youna Le Bour-Feillard (legal); Lamartine Conseil, Fabien Mauvais (legal).
Company – Jeantet, Philippe Portier, Nicolas Goetz (legal); Fidal, Alain Berry (legal).