Bridgepoint-backed Sotralu acquires GNS

The acquisition has been financed solely by an external growth loan set up last year, provided by a pool of banks composed of Crédit Lyonnais, Societe Generale, Banque Populaire Occitane, BNP Paribas and Banque Européenne du Credit Mutuel, and an additional term loan from BNP SME Lending.

Arménio Silva, the company director and minority shareholder, is reinvesting significantly in the operation.

With the fresh capital, GNS intends to consolidate its position in Europe and continue to develop its expansion into new markets, especially in China, India and the Middle East.

This is the second acquisition for Sotralu, following the merger with Italy-based aluminium fixtures and fittings manufacturer Erreti in 2012. Following the bolt-on, the company forecasts to generate revenues of €35m in 2018.

Sotralu was bought by Bridgepoint in 2014 as part of the acquisition of Edmond de Rothschild Capital Partners' second fund's portfolio.

Company
Based in Agueda, GNS specialises in developing products for the aluminium accessories industry, such as locks, handles and fittings for doors and windows. The company employs 100 staff and in 2017 recorded revenues of €8m, 40% of which came from outside Portugal.

People
Sotralu Group – Thierry Sainte-Claire Deville (president).
GNS Grupo – Arménio Silva (director).
Bridgepoint Development Capital – Olivier Nemsguern (partner); Thomas Moussallieh (investment director).

Advisers
Equity – PwC (financial due diligence, tax); DLA Piper (legal).
Company – Deloitte (M&A); LSF (legal).

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