Equistone, IK invest in PE-backed Safic-Alcan

The management team and employees will continue to own a majority stake in the business.

François Rivolier, co-founder at Geneo Capital Entrepreneur, told Unquote that EMZ, Sagard and IK Partners own a significant minority stake, while Geneo and SGCP own a smaller shareholding.

Following the fresh investment, Safic-Alcan plans to grow organically beyond Europe and through M&A, said Geneo’s Rivolier. Historically, the company has been active in acquisitions, having completed six bolt-ons since its MBO in 2015. These include Bulgaria-based Chimsnab BG in 2015, as well as buying the remaining 50% stake in its Northern European subsidiary Safic-Alcan Nordic in 2016. The company also acquired China-based Sichuan HuaFaMei Enterprise, a pharmaceutical ingredients provider, in 2016, followed by France-based pharmaceutical active ingredients distributor Biochimex in 2017. In 2019, it acquired both UK-based counterpart Langley-Smith & Company and private Italian chemical products distributor Luigi & Felice Castelli.

Through its bolt-on deals, Safic-Alcan is able to forge relationships with suppliers globally as well as gain market share in other countries, Rivolier added. The company is also increasing its market share in the food industry organically and via M&A, said Rivolier.

Unquote sister publication Megermarket reported in May 2022 that IK Partners was expected to join Safic-Alcan’s shareholder base as a new minority investor. Safic-Alcan generates EBITDA of around EUR 70m-EUR 80m, according to Mergermarket.

Previous investment
EMZ first backed the business in 2007 investing in its SBO alongside Parquest Capital (then known as ING Parcome Private Equity) and Natixis Private Equity.

In January 2015, Sagard and SGCP acquired Safic-Alcan from Parquest Capital at an estimated EUR 250m valuation, according to Unquote Data.

Company
Headquartered in Paris and founded in 1847, Safic-Alcan has 32 offices and nine laboratories globally. The company develops and distributes a range of polymers, materials and additives for the rubber, coatings, cosmetics, adhesives, thermoplastics, lubricants, polyurethane, detergency, pharmaceuticals, and nutraceuticals industries. Safic-Alcan employs 697 staff and generated a turnover of EUR 725m in 2021, according to a press release.

People
EMZ Partners – Thierry Raiff (chairman).
Sagard – Antoine Ernoult-Dairaine (partner).
Société Générale Capital Partenaires – Marc Diamant (director).
Geneo Capital Entrepreneur – François Rivolier (co-founder).
IK Partners – Thomas Grob (partner).
Equistone Partners Europe – Guillaume Jacqueau (managing partner).
Safic-Alcan – Yann Lissillour (CEO).

Advisers
Vendor – Natixis Partners (debt, M&A); Goodwin (legal); Kearney (strategy vendor due diligence); PwC (legal, tax).
Equity (Geneo) – Sekri Valentin Zerrouk (legal).

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