Spiarex makes 63% IRR on Axiam sale

The Aixam group, located in Aix-les-Bains and Chanas, has enjoyed strong, steady growth since its inception. Today, with production of 13,000 vehicles a year generating sales of EUR 100m, and a network of 110 distributors nationwide, Aixam leads in France, with 42.7% of the market, as well as in Europe, where the group has a presence in 11 countries.

Siparex SPF III Middle Market invested in Finaixam in May 2002 on the occasion of the LBO led by Financière Norbert Dentressangle SA. The exit has generated a capital gain of EUR 12m and an IRR of 63%. Financière Norbert Dentressangle is increasing its ownership interest to nearly 80% of Finaixam’s capital stock, alongside Management and the fund Pechel Industries 2, which is a new investor in Finaixam.

With this transaction, 10.92% of subscribers' invested capital was returned to them, while to date only 78% of their initial committments were actually paid into the fund.

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