Siparex invests in TEP Etanchéité to finance bolt-on

The GP deployed €3.6m from its FPCI Nord Ouest Entrepreneurs 4 and XPansion2 vehicles to fund the purchase, alongside a contribution from regional investor Volney Développement. This marks the first time the Nord Ouest Entrepreneurs 4 and XPansion2 funds have co-invested in the same transaction.

Societe Generale, Crédit Mutuel Maine Anjou Basse Normandie and BPI France provided debt financing for the bolt-on.

The acquisition was motivated by a strategy of geographical and technical diversification for TEP: the business specialises in PVC water-sealing solutions, while Bati Etanche is active in the concrete insulation market. In addition, the two companies currently operate in different French regions.

The combined group will generate €15m in turnover, with a particular focus on the nuclear installations sector.

Company
Established in 1984, Saumur-based TEP Etanchéité manufactures PVC-based roofing insulation products, both for new builds (40% of turnover) and renovation (60%). It has a particular focus on the nuclear plants sector and generated a €6m turnover in 2014.

Based in the Ile de France and Provence regions, Bati Etanche focuses on concrete insulation products and also has a specialisation in the nuclear sector. It generated revenues of €8m in 2014.

People
Siparex – Sébastien Boulard (director); Edouard Ribaute (associate).
Volney Développement – Michel Fourcade (director).

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• Topics
• Expansion
• France
• Industrials
• France
• Siparex
• Build-up
• Acquisition finance