Eurazeo buys Altaïr from Motion Equity for €115m

Eurazeo will invest around €115m in the group in exchange for a majority stake, while Altaïr management and key executives will retain the remaining minority holding.

Eurazeo is investing in the company via Eurazeo PME III, which held a final close in July 2017 on €658m, surpassing its target of €600m. The fund deploys equity tickets of €20-100m, focusing on France-based mid-market businesses with enterprise values of €50-200m.

The GP plans to accelerate the company's growth both organically and via buy-and-build acquisitions, while further developing its digitalisation and product offering.

Following the deal, Altaïr president Jean-Pierre Dano will leave the company, while current general manager Etienne Sacilotto will take on the roles of president and CEO.

The sale ends a four-year holding period for Motion Equity, which bought the company from Azulis Capital, Gimv and several co-investors.

Under Motion Equity's ownership, Altaïr completed three cross-border acquisitions, buying Belgium-based Enteco in 2016 and Spanish companies Oro in 2017 and Mistol in 2020.

The GP also supported Altaïr in its organic growth through a partnership with French retailer Monoprix; the development of an e-commerce platform; and the launch of a new range of ecological products. The company has increased its turnover from €70m in 2015 to €105m in 2019.

Previous funding
ING Parcom Private Equity, Abénex Capital and CIC Investissement Nord invested in Altaïr – at the time known as Brunel – in 2004.

Azulis Capital and Gimv, together with BNP Paribas Developpement, Synergie Finance and Croissance Nord Pas de Calais, acquired the company in 2011 in a management buyout that saw Azulis become the majority shareholder. Previous backers ING Parcom, Abénex and CIC Investissement Nord exited the company.

Motion Equity acquired Altaïr from Azulis, Gimv, Arkéa, BNP Développement and Croissance Nord Pas de Calais in February 2016. CM-CIC Corporate Advisory and LCL provided a €55m senior debt package and a €4m revolving credit facility to support the transaction. Essling Capital also invested in the business in April 2016.

Company
Founded in 1946 and headquartered in Wasquehal, Altaïr specialises in manufacturing and distributing household and home care products.

Its brands include Starwax, which specialises in cleaning products; Sinto, which focuses on multi-material repair and renovation products; and Kapo, which is dedicated to insect and pest control.

These brands are mainly distributed through specialised channels and DIY stores across France, but the group also sells its products in another 50 countries, through local subsidiaries in Poland and Benelux and through distributors, mainly in North Africa and eastern Europe.

Altaïr has developed a significant presence in Spain, which counts for around 25% of its sales, with the Oro (laundry products and insecticides) and Mistol (dishwashing products) brands.

The group employs 380 staff across its production sites located in France (Noyelles and Aubagne) and Spain (Valencia). It generated around €105m of revenues in 2019.

People
Eurazeo PME – Benjamin Hara (executive board member).
Motion Equity Partners – Patrick Eisenchteter (managing partner).
Altaïr – Etienne Sacilotto (CEO).

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• Topics
• Buyouts
• France
• Consumer
• Eurazeo
• Motion Equity Partners
• France