Axa PE backs Five's bolt-on of Mag Americas

Axa PE, which only bought Fives six months ago, backed the acquisition of Mag Americas as part of Five Group's growth strategy. Mag Americas, a global supplier of high-performance machinery, will enable Fives to expand its product range and strengthen its presence in North America.

Mag Americas is based in the US, with offices in France, Canada, China, and South Korea. The business employs approximately 1,000 people. In 2012, the company had a portfolio of more than 100 patents and posted a $400m turnover, two-thirds of which was generated in North America.

Axa PE invested in the €850m SBO of Fives in July 2012, when it bought the company from Charterhouse.

Company
Fives is an industrial engineering group established in Paris in 1958. It designs and manufactures process equipment, production lines and turnkey plants for industrial companies in the aluminium, steel, glass, automotive, logistics, cement and energy sectors, both in emerging and developed countries. In 2012, Fives had sales of €1.5bn and employed more than 6,500 people in around 30 countries.

People
Dominique Gaillard is a member of the executive board at Axa PE. 

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• Axa Private Equity