Sodero and BPI France in Emballage OBO

José Rojo
15 January 2016

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Regional investor Sodero Gestion and BPI France have backed an OBO for Brittany-based cardboard packaging specialist Emballage Technologies, which will be controlled by CEO Pierrick Doux.

Doux, who had wholly owned Emballage since 2007, will retain a majority stake in the business after the OBO.

His second in command, Tugdual Bird, who has just been appointed managing director, will be a minority shareholder, as will both Sodero and BPI France. The two firms secured roughly equal stakes in the company, an unquote" source revealed.

According to the same source, Sodero had been closely following the performance of Emballage since becoming acquainted with Doux three years ago.

In early 2015, the executive, keen on a capital increase for the business, mandated M&A advisory Acticam to set up an auction – the process evolved into exclusive talks towards the end of the year, unquote" understands.

In return for their minority stakes, Sodero and BPI France will help finance Emballage's expansion in France and abroad. Aside from its facilities in west Brittany, the cardboard packaging specialist has been present in Sweden and the UK since opening subsidiaries in 2011 and 2014, respectively.

Sodero's investment remains confidential, but the firm, which has €160m under management, typically writes €100,000-5m cheques for SMEs in western France.

Debt
The deal was supported with a senior facility provided by Crédit Agricole du Finistère and CIC Ouest.

Company
Founded in 1989, Emballage designs automated cardboard packaging machines for food-sector clients such as Bigard, Pasquier and Findus.

Headquartered in Saint Evarzec, the business has been active in Sweden and the UK since 2011 and 2014, respectively. Its headcount sits at 43 people, 35 of whom are based in the French offices.

Having added case packing to its service sheet via the Polypack bolt-on in 2015, the company most recently posted €11m in revenues; more than 50% of that figure reportedly came from exports.

People
Sodero Gestion – Stephane Lefevre-Sauli (investment director).
BPI France – Alain Fakhoury (investment director).
Emballage Technologies – Pierrick Doux (CEO); Tugdual Bird (managing director).

Advisers
Equity – PwC, Franck Gledel, Aude Bouvet (Financial due diligence); Egice, Marielle Moureuil (Legal).
Company – Acticam, Denis Le Leannec (M&A); LCE, Sophie Marchand (Legal).