Andera sells stake in Gris Group

Francesca Veronesi
16 October 2018

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Andera Partners has sold its minority stake in France-based mechanical components manufacturer Gris Group, while management and new backers Societe Generale Capital Partners and BNP Développement have invested in the business.

The Gris family has retained a majority stake in the business, alongside the group's main executives. The SBO sees new investors Societe Generale and BNP Développement acquire minority stakes.

The transaction has been an opportunity to arrange a change of governance, with Céline Gris, the daughter of founder Francis Gris, taking over as the group's chair as of January 2019.

Debt for the transaction was provided by a banking pool led by CIC Est and including Banque Populaire Alsace Lorraine Champagne, Caisse d'Epargne Lorraine Champagne-Ardenne, and BNP Paribas.

Previous backing
Andera acquired a minority stake in the business in 2014, alongside French investor ILP, a GP focused on the Lorraine region.

Andera backed the business via its €100m Cabestan vehicle, which closed in November 2011.

Company
Founded in 1984, Gris serves the automotive sector, specialising in the manufacture of mechanical components, engineered washers for fastening systems and die-cut engineered parts. In addition, the group has recently diversified its offering, addressing new markets, including the railways and agricultural machinery industries.

Headquartered in Pont-à-Mousson, Gris achieved a turnover of around €40m, partly due to its acquisition of German counterpart Gut in 2012.

Unquote previously reported that in 2013 the business recorded a turnover of €36.3m.

People
Gris Group – Céline Gris (general manager).
Andera Partners – Romain Ohayon (director).