NCI Gestion, BPI France invest €5m in PGS

The capital injection marks the first round of funding for PGS.

The €5m investment from NCI and BPI is coupled with a further investment of €4.92m, supplied by PGS's president Jean-Louis Louvel, vice president Michaël Modugno and members of the company's management team, with €3m coming from Louvel and Modugno.

BPI backed the company via the Fonds Bois, which is a €20m fund that invests in companies operating within millwork, timber-frame housing construction and wood chip and pellet production.

The funding will be used to finance PGS's internationalisation plans. The firm recently opened its Middle Eastern branch in the United Arab Emirates.

Company
Founded in 1993 and headquartered in Saint-Étienne-du-Rouvray, PGS is a manufacturer of wooden, presswood and metal pallets. The company also supplies sawntimber and box pallets, as well as wood by-products such as bark, sawdust and chips.

PGS operates six sawmills and 13 pallet factories. The company recorded turnover of €166.3m in 2013 and employs 1,000 staff.

People
Jean-Louis Louvel is the president of PGS. Vanessa Giraud, an investment director for Fonds Bois at BPI, and Cédric Lowenbach worked on the deal for the firm alongside Vincent Stievenard and Marie-Claude Chetrit for BPI France Haute-Normandie. Associate director Anne-Cécile Guitton and associate Adrien Pannetier represented NCI in the deal.

Advisers
Equity – Aca Nexia, Olivier Juramie, Yannick Cochery (Corporate finance); BPI France, Charlotte Sorin (Legal); Ayache & Salama, David Ayache, Magda Picchetto, Sophie Savois (Legal).
Company – Newton Expertise, Sandrine Petit, Ludivine Lecras (Corporate finance).

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• Topics
• France
• Industrials
• Expansion
• France
• NCI Gestion