LBO France's RG Safety buys Waterfire

The deal is the third add-on to be announced during LBO France's investment period and its second in Spain. RG Safety acquired Spain-based Joysa Vestuario Laboral in April 2019 and domestic market peer EPI Center in January 2020.

The acquisition of Waterfire aims to build on RG Safety's presence in Spain, where it operates via its subsidiary RG Safety Ibérica, according to a statement.

LBO France acquired RG Safety in an SBO from Abénex Capital in July 2017 for a reported enterprise value of €145m, equating to an entry multiple of around 10x. LBO France deployed equity via White Knight IX, which held a final close in January 2017 on €450m. The fund was 70% deployed as of January 2020, according to Unquote Data.

CM-CIC Private Debt provided a unitranche debt package to support the deal.

Company
Barcelona-based Waterfire sells protective clothing for use in sectors where workers require personal protective equipment. Its products include high visibility workwear, flame retardant clothing, protective gloves, masks and shoes. The company was founded in 1992 and reports revenues of €4m.

People
LBO France – Jérôme Guez (partner); Simon Couturier (investment director).
RG Safety – Pierre Manchini (CEO).

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