Miura to create Reefer group with Chereau buyout

Pending approval by regulation authorities, the deal is expected to go through in the coming weeks. Chereau's enterprise value remains confidential, but Miura typically seeks companies valued below the €50m mark.

The takeover will lead to a merger between France's Chereau and Spain's SOR Ibérica, a month after Miura acquired a 90% stake in the latter. At the time, a source close to Miura told unquote" the deal was the third to be financed by the GP's second fund, which closed on its €200m hard-cap in September 2014.

Regrouped under the Reefer Group brand, each unit will continue to operate independently in their domestic markets. Put together, the companies will form a new player within Europe's refrigerated transportation segment with €220m in revenues and a combined 1,000 employees.

The new group will be overseen by managers coming from both Chereau and SOR Ibérica. The executives will be minority owners alongside Miura, the lead shareholder, followed by co-investors EdRip, investment boutique Massena and fund-of-funds manager Adveq.

Company
Founded in 1953, Chereau designs and sells bespoke refrigerated semi-trailers. Headquartered in Avranches, the company manages three production sites in the country and began selling its units abroad in the 1970s. Subsidiaries were created in the UK, Germany, Italy and Spain in 1999, 2010, 2011 and 2012, respectively.

Chereau currently employs 850 staff, 350 of whom came on board over the past five years. The business ended 2015 with a €170m turnover, which is thought to represent a 70% uptick since 2011.

People
Miura Private Equity – Luis Seguí (managing partner); Juan Leach (managing partner).

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