EIM acquires Bonna Sabla from Bain-backed Consolis

The deal was initially announced in April last year when Bain-backed Consolis received a binding offer from Ardian, according to a press release.

Speaking to Unquote, EIM co-founder Luigi Chiaraviglio explained how the deal transpired: "There was an auction and Bain approached us alongside the company. However, Bain gave exclusivity to a French fund, but in March 2021 they decided we were the right fit. We then closed the deal in three weeks and acquired 100% of the share capital as a result of the buyout."

Chiaraviglio added that the GP may consider giving some of the shares to the company's management. The deal is a carve-out, according to Chiaraviglio. He also told Unquote that the forecasted turnover is EUR 100m in 2022 and that the business had revenues of around EUR 120m in 2020.

EIM does not have an institutional fund, but it may consider one in the future, Chiaraviglio said. The investor has a group of institutional investors, including family offices, he added. Around two-thirds of the investors are based in Europe – the majority are France-based – while the rest are based in the US. The GP will target companies across Europe in the industrials, consumer goods and chemicals sectors, but Chiaraviglio said the GP does not have the same constraints of a fund. The companies will have an EBITDA of around EUR 2m-7m and deploy equity tickets of up to EUR 15m.

The GP said it buys divisions of groups that need rejuvenation to meet today's challenges. Chiaraviglio said Bonna Sabla will undergo digital transformation and incorporate ESG in order to grow.

To date, EIM has made three investments – in Omniplast, Francioli and Bonna Sabla – with a fourth in HPI Industrials that has been agreed but not yet signed. HPI is a France-based hydraulic components manufacturer.

Previous funding
Bonna Sabla is no stranger to private equity ownership; Ardian bought the company in 2002 from French utilities company Vivendi Environnement, according to reports at the time.

In 2005, Industri Kapital acquired Bonna Sabla from Ardian and other shareholders for approximately EUR 235m, according to a press release at the time.

The Consolis group, of which Bonna Sabla is a part, was then acquired by LBO France in December 2006.

Bain Capital acquired a majority stake in Consolis Group in 2016.

Company
Bonna Sabla is headquartered in Courbevoie. The company offers bespoke services relating to building construction, as well as public work including civil engineering, water purification and railway equipment.

The company employs 457 employees and has 17 factories in France.

People
Bonna Sabla – Eric Lobbé (CEO).
EIM Capital – Luigi Chiaraviglio, Renaud Delaage (co-founders).

Advisers
Equity – DC Advisory (corporate finance); Amain (legal); Luther (legal); BDGS (tax).

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• Topics
• Buyouts
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• France
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• Carve-out
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• Bain Capital