Siparex in MBO for Exsto

Having been promoted to CEO in 2004, Torrès progressively increased his stake in the business – the process was accelerated after Exsto's first MBO in 2009.

Siparex, which is understood to have provided the largest contribution, drew capital from its €130m Siparex Midcap 2 and Xpansion 2 funds. Although the GP's investment was not revealed, the former fund typically deploys €2.5-10m per deal and targets companies valued in the €10-40m range, according to unquote" data.

Deploying capital alongside the French firm was new backer Crédit Agricole Sud Rhône-Alpes Capital, the bank's investment arm.

Exsto's existing shareholders, including BNP Paribas Développement, investment firm Maelo and the holding owned by founder Michel Baulé, also invested during the MBO – the three had backed a similar transaction in 2009. According to press reports, the former increased its stake in the business, while the latter two saw their interest diluted.

Following the capital reshuffle, Exsto will maintain the international expansion strategy it has followed since 2010, with highlights including new subsidiaries in Brazil and the US and a recent bolt-on in Italy. In addition, the polymer moulding manufacturer plans to widen its current offer to accommodate new sectors.

Siparex's buyout is the third to be reported by unquote" since it joined forces with French VC XAnge Private Equity, in which it is now a majority shareholder. In July, the GP invested in charcuterie business Groupe Sipas and windows and doors manufacturer Groupe FPEE. 

Company
Exsto was founded in 1976 as a specialist in the moulding of polymers such as polyurethane elastomers and thermoplastics. The business is headquartered at Romans-sur-Isère, where its main production site is located, and operates a second thermoplastics-focused facility in L'Ecancière.

The manufacturer employs 180 professionals in France and abroad, with a presence in Brazil, the UK, the US and Italy. The company claims to have experienced a 10% year-on-year growth since 2004 and expects to generate €35m in revenues in 2015.

People
Siparex's work on the deal was led by executive committee member Benoît Métais, managing partner Romain Boisson de Chazournes and investment manager Mathias Cuny.

BNP Paribas was represented by investment director Patrice Vandenbossche and Crédit Agricole Sud Rhône Alpes Capital by investment manager Cécile Exertier. Christophe Torrès has been CEO at Exsto since 2004.

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