External growth transaction, major pennel and flipo signing of the memorandum of acquisition of…

Paris, may 17, 2017 – The IDI group listed specialist in the investment capital, announces a strategic operation framework for PENNEL & FLIPO, with the signing of a protocol for the acquisition of the family company, Italian PLAST, the european leader in the production of technical films, thermoplastic sold to a wide variety of applications, particularly in the sporting attire. This external growth is part of the strategy of the IDI to be european champions, able to address niche markets in the world. Thus, the IDI has made these last 18 months, several external growth, in particular in Winncare Financial and Miro (holding company Albingia).

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Created in 1924, and located in Mouscron in Belgium, PENNEL & FLIPO SA (www.orca.eu) develops, produces and distributes worldwide, the fabrics ORCA® that contribute technical solutions to the actors of the industries, nautical, rail, aerospace and defence.

In September 2015, on the occasion of an LBO primary otc, PENNEL & FLIPO HER had welcomed to his capital the IDI as the lead investor and Cabestan Capital, managed by Edmond de Rothschild Investment Partners as co-investor in a minority, in order to continue its development, particularly internationally. In 18 months, the company has strengthened its sales team across the world and its turnover has increased of the order of 10 %, of which more than 80 % outside France and Belgium.

Strong of its growth and its international network, the management of PENNEL & FLIPO, and the IDI have been able to convince the management family of the company PLAST, based in Brescia (Italy), joining the group in the form of an LBO primary traded to the new otc. European Leader in the production of technical films thermosplastiques, PLAST has unique skills and very complementary. Thus, his films can be found in various applications such as the flocking of shirts and T-shirt and particular sports, the functionalization of sports wear and undergarments, packaging, technical, medical and para-medical, architectural solutions, or the technical fabrics. FACT PLAST, of a similar size in terms of turnover, sought in particular to expand further outside Europe. With this approximation, PLAST will benefit from the worldwide commercial network of PENNEL & FLIPO. FACT PLAST, for its part, will accompany PENNEL & FLIPO in his development of new fabrics, technical thermoplastics (including the TPU).

The protocol of the acquisition is concluded under the condition precedent of the financing of the operation. This condition should be lifted in the next few weeks and the final completion of the transaction is expected to be no later than June 30, 2017.

The financing of this operation is done through a capital increase carried out by the IDI and Capstan Capital and the structuring of new bank debt. Tikehau is involved in the operation by holding its bond debt.

The new group thus formed :
will realize a turnover of the order of 70 million euro with good profitability,
will employ 180 employees, approximately 25 of whom are dedicated to R&D,
will have 2 modern production facilities in Belgium (Mouscron) and in Italy (Brescia),
will benefit from a worldwide commercial network and, in particular, of the subsidiaries of American, Chinese and Russian PENNEL & FLIPO,
will offer its customers technical solutions to the financial statements (fabrics or films, rubber or thermoplastic).

Guido Life, one of the two family shareholders historical FACT PLAST, will reinvest in the transaction, will retain his duties manageriales and will serve on the board of directors.

Emmanuel Capriglione, President of PENNEL & FLIPO HER, says :
“This external growth operation is a great opportunity for the two groups and collaborators. We have the know-how to be very complementary, to a business culture very similar, and a potential for innovation and development of new products is very important. Our teams crossed paths, now they will be able to unite to innovate, invent new products and solutions in order to serve new markets across the world. ”

Guido Life, President of FACT PLAST SPA, declares :
“We were looking to partner FACT PLAST to a high performance industrial and acknowledged. This will enable us to form a group of scale in the fabrics and technical films, with a worldwide distribution network. I am confident in the future and I look forward to remain a shareholder.”

Julien Bentz, Partner and member of the executive committee of the IDI to add :
In FACT ” PLAST is a very nice company that has proven for nearly 50 years, its ability to provide solutions to its customers with films of thermoplastic performance. We have found large similarities between PLAST and PENNEL & FLIPO : constant innovation at the service of its customers, the excellence in industrial and operational, the financial management rigorous.

The IDI seeks to work closely and actively with companies in its portfolio to be european champions niche able to go to conquer international markets. This transaction is emblematic of the recent external growth operations carried out by the Group, and after the 2 acquisitions made in Europe scandinavian by Winncare the last year. At the time when the industry of Private Equity knows of the valuation levels are sometimes high, the growth of the portfolio companies, in particular through the combination of operations of acquisitions structuring with building strategic and operational major is an excellent way to create value for the IDI. ”

Speakers :
Pennel & Flipo : Emmanuel Capriglione, Bernard Delcourt, David Ray
Fact Plast : Guido Life, Andrea Life, Pierluigi Beltrami
IDI : Julien Bentz, Augustin Harrel-Courtès, Jonas Bouaouli

About the IDI :
The IDI, a pioneer of investment in France, is an investment company listed specialized for more than 45 years in the support to small and medium-sized enterprises. The IDI works on all the trades investment for own account and account of third parties through the IDI and its affiliates, Idinvest Partners and Idi Emerging Markets. The Group now manages about € 8.4 billion of assets. The efficient management of the IDI is shared with all stakeholders, including shareholders, who have been able to benefit since the introduction of the award in 1991 of an internal rate of return (annualized, dividends reinvested, 14,47 %.

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