Cerea Partners backs Pagès Group

InnovaFonds, the majority shareholder in Pagès since 2016, reinvested significantly in the deal and retained a minority stake. The management team also took part in the investment and increased its stake in the company.

A bank loan to support the acquisition was arranged by Banque Populaire Bourgogne Franche Comté, subscribed also by CIC Lyonnaise de Banque and Muzinich Pan-European Private Debt Fund.

Cerea invested in the company via Cerea Capital II, which held a final close on €225m in January 2017, surpassing its €200m initial target. The fund focuses on majority investments in primary and secondary buyouts, spin-outs and carve-outs of European companies with enterprise values in the €20-200m range. It typically deploys tickets of €10-50m

With the GP's support, Pagès intends to reinforce its presence in the food processing and medical segments, boost the development of its robotic offering and further bolster its expansion in the international markets.

Previous funding
Naxicap acquired a majority stake in Pagès, at the time known as Machines Pagès, in July 2007, while the company's founder retained a minority.

Naxicap fully exited the company to InnovaFonds, BNP Paribas and Crédit Agricole Régions Investissements (Carvest) in August 2016. InnovaFonds took the majority, with BNP Paribas and Carvest as minority co-investors. A senior debt package was provided jointly by CIC, Crédit Agricole and Banque Populaire.

Company
Established in 1984 and based in Foncine-le-Haut, Pagès specialises in high-speed robotics moulding systems, robotic in-mould labelling and RFID moulding. It serves the plastic packaging industry across the food and beverage, medical, cosmetics and industrial segments.

The company operates under four brands: Polymac, Pagès, Pagès Medical and Pagès Robotics. It has offices and production facilities in France and the Netherlands, as well as subsidiaries in China, North America and Australia.

Pagès employs 160 staff and generates annual revenues of around €30m, more than two thirds of which is generated internationally.

People
Cerea Partners – Gilles Sicard (partner).
InnovaFonds – Anthony Dubut, Pauline Eloy (partners).
Pagès Group – Yannick Ains (CEO).

Advisers
Equity – Berry Law (legal).

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