FRANCE - Activa Capital backs MBO of Créal

Fay
21 April 2006

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Activa Capital Fund FCPR has purchased a majority stake in Créal, a leading French manufacturer of aluminium windows from its founder, Claude Caprini, and Siparex SPF III Middle Market, a fund managed by Sigefi Private Equity. Founded in 1992 by Claude Caprini, Créal has positioned itself as a leading supplier of aluminium windows essentially for the growing housing renovation market in France. With an annual turnover of EUR 46m, Créal has a dominant position in Southern France supplying over 1,000 independent building contractors. Within the window market, aluminium windows have enjoyed ten years of growth, seizing market share from the traditional wood and PVC windows.

Créal’s managing director, Thierry Sagot, who co-founded the company with Claude Caprini, will reinvest in the buyout and become CEO of Créal. In addition, Activa Capital has appointed Jacques-Régis Descours as chairman of the supervisory board. Formerly CEO of Brossette and a board director of UK building materials group Wolseley Plc, Jacques-Régis Descours brings significant sector experience to Créal. Claude Caprini will remain a shareholder of Créal and a member of the supervisory board.

Créal is Activa Capital’s second MBO investment in 2006, having finalised the MBO of Logitrade in February 2006; a third fund investment is expected to be announced shortly.