Altrad raises further €100m from BPI France et al.

The funding round consisted of convertible bonds. BPI France provided €52m, CM-­CIC Capital Finance invested €30m, Arkéa Capital Investissement contributed €11m and BNP Paribas Développement brought in €7m.

The funds went towards financing the acquisition of industrial services business Hertel, in a deal that valued the target at €230m.

Altra has raised €192m over the past four years. In March 2011, CM-CIC Capital Finance, Synergie Finance and BNP Paribas Développement invested €47m in the group. CM-CIC Capital Finance contributed €30m while Synergie Finance and BNP Paribas Développement provided €10m and €7m, respectively. All three investors together held a 12% stake. BPI France followed up in June that year with a €45m investment.

Company
Established in 1985, Altrad manufactures and sells equipment for the construction industry – including cement mixers, wheelbarrows and scaffolding. Employing 680 people across 16 countries, the company posted an €860m turnover last year.

Following the acquisition of Hertel, the combined entity will see its revenues grow to €1.6bn.

People
Sébastien Moynot led the deal for BPI France. CM-CIC Capital Finance was represented by Bertrand Ghez and Thierry Martin. 

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• Expansion
• France
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• France
• CM-CIC Capital Finance
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