Blondel raises €6m from BPI France et al.

A breakdown for the round was not provided by either investor, but Picardie Investissement typically provides equity tickets of up to €2.5m during growth capital deals.

The capital injection follows Blondel's claims that revenues have doubled to the current €46m under the 10-year tenure of Grégoire Blondel as CEO. The business is now aiming to push that figure up to €80m within five years by growing both organically and through acquisitions.

BPI France recently backed a $45m round for French software developer Scality and provided a €45m equity ticket to renewable energy producer Quadran alongside Arkéa Capital Investissement and existing backers.

BPI France has also been active on the French growth capital scene as an LP, with €100-150m being committed alongside China Development Bank Capital to Cathay Capital's €250m Sino-French Innovation Fund.

Company
Blondel was established in 1956 as a freight road transportation service targeting clients in the industrial, print media, agrifood and aeronautics sectors. Headquartered in Saint Quentin, the company manages a fleet of 180 vehicles and 290 semi-trailer units and employs 550 professionals across eight sites in France and a ninth in Tunisia. In 2014, it generated €46m in turnover.

People
BPI France's work on the deal was led by Alain Tueux and Vincent Stievenard, while Picardie Investissement was represented by investment officer Marie-Christine Maurice and assistant managing director Philippe Pruvot.

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• Topics
• France
• Expansion
• Industrials
• France
• BPI France
• Picardie Investissement