Vulcain
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+33 (0) 144 706 380

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Vulcain
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We offer :

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A lean management environment

Merit based recognition


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Deal EOLFI / December 2017
Deal EOLFI / December 2017
« We are proud to count on COBRA CONCESIONES as a shareholder of EOLFI GREATER CHINA. This partnership marks a milestone in our development in Taiwan »
Alain DELSUPEXHE, Chairman of EOLFI
Infrastructure and energy
Infrastructure and energy
EOLFI, a French developer specialised in floating wind projects, and COBRA CONCESIONES, a Spanish industrial company owned by ACS, have formed a partnership in Taiwan

On December 21, 2017, COBRA CONCESIONES finalised its shareholding in EOLFI GREATER CHINA, a subsidiary of EOLFI which has been active in Taiwan since 2012.
Pioneers and world leaders in the sector, the French and Spanish companies are both involved in developing floating pre-commercial wind farms in Europe:
- EOLFI is developing the Groix & Belle-Ile pre-commercial wind farm project 28 km away from shore in Brittany (France): 4 x 6MW floating wind turbines to be commissioned in 2021;
- COBRA CONCESIONES is developing the Kincardine Offshore Windfarm Project which will have a total installed capacity of 50MW located approximately 15 Kilometres offshore Aberdeen in Scotland. This project is expected to achieve final COD in Q1 2020.
In Taiwan, EOLFI GREATER CHINA has been developing a portfolio of five commercial floating wind farm projects with a target size of 500MW each. Acquisition by COBRA CONCESIONES of a shareholding will secure and speed up the development of these commercial projects. When the operation is completed, COBRA CONCESIONES will be the majority shareholder in EOLFI GREATER CHINA.


VULCAIN'S INTERVENTION

VULCAIN conducted an auction process in 2017, leading to the selection of COBRA CONCESIONES as shareholding partner to EOLFI in Taiwan.
The team of VULCAIN that supported this transaction was led by Chris KODECK.
« We are proud to count on COBRA CONCESIONES as a shareholder of EOLFI GREATER CHINA. This partnership marks a milestone in our development in Taiwan »
Alain DELSUPEXHE, Chairman of EOLFI
Infrastructure and energy
Infrastructure and energy
Next news

Deal AKUO ENERGY / November 2017
Deal AKUO ENERGY / November 2017
« Beyond its involvement in and commitment to renewable energy, what excites us about AKUO ENERGY is the passion, agility and acumen of its approach and the creativity of its initiatives combined with a solid economic model »
Marie-Christine COISNE-ROQUETTE, Chairwoman and CEO of COLAM ENTREPRENDRE
Infrastructure and energy
Infrastructure and energy
COLAM ENTREPRENDRE, the private family-owned company that is the founding shareholder of SONEPAR, takes a minority stake in the capital of AKUO ENERGY, producer of energy from renewable resources

AKUO ENERGY is the leading independent French producer of energy generated exclusively from renewable energies. Present in 14 countries around the world, it relies, as of end 2016, on a total capacity of 1.1GW of assets including 666MW in production stage, 302MW in construction stage and 175MW in financing stage.
COLAM ENTREPRENDRE replaces another family office, COGEPA, managed by the DUVAL-FLEURY family and which held 20% of AKUO ENERGY, and participates in a capital increase for €80 million. At the end of these two transactions, it holds a stake of about 1/3, the majority of the shares being kept by the founders of AKUO ENERGY.


VULCAIN'S INTERVENTION

VULCAIN advised COLAM ENTREPRENDRE, in the auction process leading to its acquisition of a stake in AKUO ENERGY.
The team of Vulcain that supported this transaction was led by Chris KODECK and Thierry FALQUE-PIERROTIN.
« Beyond its involvement in and commitment to renewable energy, what excites us about AKUO ENERGY is the passion, agility and acumen of its approach and the creativity of its initiatives combined with a solid economic model »
Marie-Christine COISNE-ROQUETTE, Chairwoman and CEO of COLAM ENTREPRENDRE
Infrastructure and energy
Infrastructure and energy
Next news

Deal GREENFLEX / October 2017
Deal GREENFLEX / October 2017
« We wanted a partner who is committed to keeping all of our employees, our brand and our independence. We also wanted him to have a long-term vision. It is more common among industrials who have projects at twenty or thirty years than for financial investors whose horizon is five years maximum. Originally, we went to see investment funds and there was not a single industrial in our lists. »
Frédéric RODRIGUEZ, founder and Chairman of GREENFLEX
B2B Distribution and Services
B2B Distribution and Services
The founder Frédéric RODRIGUEZ, the management team and investment fund NEXSTAGE have sold a controlling stake in GREENFLEX, a specialist in energy efficiency services, to group TOTAL 

Founded in 2009 by Fréderic RODRIGUEZ, GREENFLEX supports 600 clients (of which 80% of large corporates) in the energy and societal transition by combining the business of data intelligence with the development of digital tools and asset financing.
GREENFLEX expects to achieve a turnover of more than 350 million euros in 2017 with 230 employees working out of 14 offices throughout Europe. The company aims to double its turnover by 2021 to become the world leader in environmental and social performance based on digital platforms.
GREENFLEX will be part of the Innovation and energy efficiency activity of the “Gas, renewables & power" division of TOTAL, created in April 2016 as part of its strategy targeting 20% ​​of its turnover in low carbon activities by 2035.


VULCAIN'S INTERVENTON

VULCAIN conducted a sale process in 2017, leading to the selection of TOTAL.
The team of VULCAIN that supported this transaction was led by Thierry FALQUE-PIERROTIN.
« We wanted a partner who is committed to keeping all of our employees, our brand and our independence. We also wanted him to have a long-term vision. It is more common among industrials who have projects at twenty or thirty years than for financial investors whose horizon is five years maximum. Originally, we went to see investment funds and there was not a single industrial in our lists. »
Frédéric RODRIGUEZ, founder and Chairman of GREENFLEX
B2B Distribution and Services
B2B Distribution and Services
Next news

Deal INTERSPORT / October 2017
Deal INTERSPORT / October 2017
Consumer, Brand, Retail
Consumer, Brand, Retail
A duo of entrepreneurs has raised funds from 123 INVESTMENT MANAGERS in order to develop a regional platform of INTERSPORT stores in the Île-de-France region. The fundraising was realized concomitantly with the acquisition of the INTERSPORT store in the city of Orgeval

INTERSPORT is a leading player in the distribution of sport items in France, and acts under the form of a cooperative, in which its members own their stores and are in charge of managing all INTERSPORT brands.
Upon the completion of the fundraising, the entrepreneurs own a majority stake in the project, alongside 123 INVESTMENT MANAGERS as minority shareholder.


VULCAIN'S INTERVENTION

VULCAIN has supported the entrepreneurs in the preparation of the financing and the meetings with 123 INVESTMENT MANAGERS.
The team of VULCAIN that supported this transaction was led by Thierry FALQUE-PIERROTIN.
Consumer, Brand, Retail
Consumer, Brand, Retail
Next news

Deal BSLR / October 2017
Deal BSLR / October 2017
« This acquisition will place us as the largest French chauffeur-driven cars group. »
Pierre-Yves CHAMLA, BIEN SUR LA ROUTE President
B2B Distribution and Services
B2B Distribution and Services
BIEN SUR LA ROUTE acquired LES VOITURES NOIRES

BIEN SUR LA ROUTE, which provides car rental and training services to private chauffeurs in 5 cities in Paris, acquired LES VOITURES NOIRES, the largest car rental company for private chauffeurs in France.
Founded in 2013, LES VOITURES NOIRES operates a 3,000-car network, offering car rental services to private chauffeurs as well as car maintenance services.
Further to LES VOITURES NOIRES’ placement into receivership, BIEN SUR LA ROUTE injected €3 million to take over its car rental activity its client base and 22 out of its 49 employees, while the car maintenance activity will be acquired by a third party.


VULCAIN'S INTERVENTION

VULCAIN acted as exclusive financial advisor to BIEN SUR LA ROUTE.
The team of VULCAIN that supported this transaction was led by Michel DUVAL.

« This acquisition will place us as the largest French chauffeur-driven cars group. »
Pierre-Yves CHAMLA, BIEN SUR LA ROUTE President
B2B Distribution and Services
B2B Distribution and Services
Next news

Deal CGN EE / August 2017
Deal CGN EE / August 2017
Infrastructure and energy
Infrastructure and energy
CGN Europe Energy, the French renewable energy-focused subsidiary of CGN Power Generation, acquired a portfolio of five onshore wind farms in France from VOL-V

The portfolio comprises five wind farms with a combined capacity of 70.8MW in northern France. They are the 20.7MW Coin Malo Wind Farm, which started operating in 2016, 12.5MW Le Tourette Wind Farm (2012), 10MW Le Moulin Cheneau Wind Farm (2009), 9.2MW Hocquélus Wind Farm (2010) and 18.4MW Les Vingt-Setiers Wind Farm (2011). The acquired portfolio was previously held directly by VOL-V.
The deal will allow CGN-EE to reach an overall installed wind capacity of 280MW in France. 


VULCAIN'S INTERVENTION

VULCAIN acted as advisor to CGN Europe Energy for the portfolio’s valuation.
The team of VULCAIN that supported this transaction was led by Chris KODECK.
Infrastructure and energy
Infrastructure and energy
Next news

Deal MARESE / June 2017
Deal MARESE /  June 2017
Consumer, Brand, Retail
Consumer, Brand, Retail
MARÈSE sold 10 stores in France to NOUKIE'S

Founded in 1943, MARÈSE is a brand specialized in high end kids clothing for the children from 0 to 14 years. The company sales its products through franchises shopds and e-commerce.
The ten stores sold to NOUKIE’s are located in Arras, Albi, Besançon, Cabriès, La Rochelle, Metz, Mulhouse, Poitiers, Rouen, and Quimper.
Founded in 1996, NOUKIE’S is a Belgian brand specialized in the childcare market. The company provides clothing, leisure and furniture for the children from 0 to 6 years. NOUKIE’S operates a network of wholly-owned stores located in France and Europe, and forecast to reach €30 million sales by 2018.


VULCAIN'S INTERVENTION

VULCAIN acted as exclusive advisor to MARÈSE in the selection of NOUKIE'S.
The team of VULCAIN that supported this transaction was led by Michel DUVAL.
Consumer, Brand, Retail
Consumer, Brand, Retail
Next news

Deal ELLISPHERE / April 2017
Deal ELLISPHERE / April 2017
« This is an extremely attractive platform which adds to our growing investment track record in France. ELLISPHERE offers a unique position in the French market with direct access to a diversified base of clients and significant potential for expansion. We are delighted to be partnering with a highly experienced and motivated management team led by Valérie ATTIA »
Nassim CHERCHALI, Director at ANACAP FINANCIAL PARTNERS
Financial Services
Financial Services
B2B Distribution and Services
B2B Distribution and Services
NATIXIS sold ELLISPHERE, formerly COFACE SERVICES, to London-based ANACAP FINANCIAL PARTNERS, an investment fund specialized in financial services, in a LBO

ELLISPHERE offers business intelligence and data marketing services, and delivers economic and financial information: data, surveys, private rating, scoring and compliance solutions. The company generated c.€46 million in sales in 2016, with c.330 employees.
ANACAP FINANCIAL PARTNERS acquired a majority stake in ELLISPHERE via a LBO, alongside the management team as minority shareholder. The transaction was partly financed with a senior debt raised from several banks.


VULCAIN'S INTERVENTION

VULCAIN advised ANACAP FINANCIAL PARTNERS in the acquisition of ELLISPHERE.
The team of VULCAIN that supported this transaction was led by Michael SCHOR.
« This is an extremely attractive platform which adds to our growing investment track record in France. ELLISPHERE offers a unique position in the French market with direct access to a diversified base of clients and significant potential for expansion. We are delighted to be partnering with a highly experienced and motivated management team led by Valérie ATTIA »
Nassim CHERCHALI, Director at ANACAP FINANCIAL PARTNERS
Financial Services
Financial Services
B2B Distribution and Services
B2B Distribution and Services
Next news

Deal BATIWEB / April 2017
Deal BATIWEB / April 2017
« We originally invested in Batiweb with the objective together with Nicolas Ricart of making it a leader in its marketplace. We are delighted to have achieved that goal and pleased to see that its growth will continue with another high-quality partner »
Romain CHIUDINI, Senior Investment Manager of ARDIAN GROWTH
B2B Distribution and Services
B2B Distribution and Services
Technology, Media and Telecom
Technology, Media and Telecom
ARDIAN sold its minority stake in the BATIWEB GROUP to OMNES CAPITAL

BATIWEB GROUP is France’s number two digital portal bringing building trade professionals together with consumers, predominantly in the home renovation segment. It is active in three complementary areas – intermediation, media and B2B services, and generated c.€10 million in sales.
This operation allow the exit of ARDIAN and the entry of OMNES CAPITAL, alongside other minority investors SWEN CAPITAL PARTNERS and MATMUT. Nicolas RICART, CEO and founder, remains the majority shareholder despite a partial cash-out of its stake.
Leveraging on the additional cash-in brought by this operation, BATIWEB has acquired a competitor HABITAT TRADE to expand its geographical footprint and gain high value-added expertise.


VULCAIN'S INTERVENTION

VULCAIN was the advisor both to ARDIAN and the Management of BATIWEB in an auction process leading to the selection of OMNES CAPITAL as new sponsor.
The team of VULCAIN that supported this transaction was led by Michael SCHOR.
« We originally invested in Batiweb with the objective together with Nicolas Ricart of making it a leader in its marketplace. We are delighted to have achieved that goal and pleased to see that its growth will continue with another high-quality partner »
Romain CHIUDINI, Senior Investment Manager of ARDIAN GROWTH
B2B Distribution and Services
B2B Distribution and Services
Technology, Media and Telecom
Technology, Media and Telecom
Next news

Deal FLUO / April 2017
Deal FLUO / April 2017
Financial Services
Financial Services
Technology, Media and Telecom
Technology, Media and Telecom
FLUO has raised €2 million from CREDIT MUTUEL ARKEA in order to automate its process, notably through artificial intelligence and chatbots, as well as launch new services

FLUO is a publisher of (i) a B2C mobile app aiming at optimizing insurance contracts (deletion of duplications, calculation of warranty degrees and value for money, recommendation in the subscription of new contracts) and (ii) a software in SaaS mode enabling tour operator and insurer partners to use its solution in white-label. The Company was founded in 2013 by Jehan de CASTET, formerly founder of LESFURETS.COM sold to UK-based BGL in 2010.
FLUO has chosen a strategic investor particularly active in the fintech industry for its first fundraising. CREDIT MUTUEL ARKEA, which has invested in GRISBEE, MASUCCESSION.FR and YOMONI over the past 4 months, is joining the 2 founders and EVOLEM, industrial holding of Bruno ROUSSET (owner of APRIL).


VULCAIN'S INTERVENTION

VULCAIN has supported Jehan de CASTET in the meetings with both strategic and financial investors. Quickly, the synergies and the alignment of vision between FLUO and the bank CREDIT MUTUEL ARKEA led the manager to choose this partner
The team of Vulcain that supported this transaction was led by Michael SCHOR.
Financial Services
Financial Services
Technology, Media and Telecom
Technology, Media and Telecom
Next news

Deal TARA JARMON / February 2017
Deal TARA JARMON / February 2017
Consumer, Brand, Retail
Consumer, Brand, Retail
TARA JARMON established a Joint-Venture for distribution in China with D-MOP, active in the distribution of European luxury and contemporary brands

Founded in 1988, D-MOP is one of the leading fashion and accessories retailers specialized in hip and stylish fashion brands in Hong Kong and China, benefitting from a great experience with brands and distribution networks (physical and online).
The objectives of the joint venture were to (i) establish fashion retail network in Asia, (ii) develop partnerships to manufacture with lower costs, (iii) enhance its brand image in this area.


VULCAIN'S INTERVENTION

VULCAIN was the exclusive advisor to TARA JARMON in the selection of a Chinese partner.
The team of VULCAIN that supported this transaction was led by Michael SCHOR.
Consumer, Brand, Retail
Consumer, Brand, Retail
Next news

Deal SOGECLAIR / July 2017
Deal SOGECLAIR / July 2017
« Along with Renault's investment, we will significantly accelerate the development of SCANeR Studio's new features dedicated to the Autonomous/Connected vehicle »
Laurent SALANQUEDA, CEO of OKTAL
Industrials
Industrials
SOGECLAIR'S subsidiary, OKTAL SAS, and RENAULT found AVS SAS, a simulation Joint Venture.

OKTAL is a subsidiary of SOGECLAIR since 2001, and is a worldwide supplier of high class Automotive and Train driving simulators for Research, Engineering and Training operations.
RENAULT GROUP acquired a 35% stake in a new joint venture, Autonomous Vehicle Simulation (AVS), formed together with OKTAL, a subsidiary of SOGECLAIR, which hold a 65% stake.
RENAULT GROUP today is an international group that sold more than 3.2 million vehicles through 12,700 outlets in 127 countries in 2016. It employs more than 120,000 people and operates 36 manufacturing facilities worldwide.

VULCAIN'S INTERVENTION

VULCAIN was the exclusive advisor to SOGECLAIR and OKTAL, and conducted the carve-out of its autonomous driving division to form a Joint Venture with RENAULT.
The team of Vulcain that supported this transaction was led by Chris Kodeck, who can be reached via email chris.kodeck@vulcain.eu or by phone +33 6 98 39 51 66 / +32 460 21 08 16.
« Along with Renault's investment, we will significantly accelerate the development of SCANeR Studio's new features dedicated to the Autonomous/Connected vehicle »
Laurent SALANQUEDA, CEO of OKTAL
Industrials
Industrials
Next news

Deal AD INDUSTRIE / December 2016
Deal AD INDUSTRIE / December 2016
« This is a classic primary investment for STIRLING SQUARE CAPITAL PARTNERS, with the potential to institutionalise the business whilst continuing to pursue organic growth and international M&A. We are delighted to partner with Evrard and the deeply experienced AD INDUSTRIE management team, and look forward to supporting the Company in its expansion beyond France »
Julien HORREARD, Partner at STIRLING SQUARE CAPITAL PARTNERS
Industrials
Industrials
AD INDUSTRIE, a manufacturer of sub-assemblies and equipment for to OEMs, is acquired by London-based investment fund STIRLING SQUARE CAPITAL PARTNERS from its founder, Alain DUMENIL, as well as BPI and GE CAPITAL

AD INDUSTRIE is an industrial group specialized in the design, production and assembly of technical parts and precision assemblies (propulsion, aerostructures, equipment), in metal or composite, to the aerospace, defence, energy and medical sectors. The group operates via 10 industrial sites located mainly in France, as well as in Morocco and Tunisia. AD INDUSTRIE generated €200 million in sales in 2016.
STIRLING SQUARE CAPITAL PARTNERS acquired a majority stake in AD INDUSTRIE via a LBO, alongside the management team as minority shareholder and BPI which reinvested in the operation. The transaction was partly financed with a senior debt raised from several banks.


VULCAIN'S INTERVENTION

VULCAIN advised STIRLING SQUARE CAPITAL PARTNERS in the acquisition of AD INDUSTRIE.
The team of VULCAIN that supported this transaction was led by Chris KODECK.
« This is a classic primary investment for STIRLING SQUARE CAPITAL PARTNERS, with the potential to institutionalise the business whilst continuing to pursue organic growth and international M&A. We are delighted to partner with Evrard and the deeply experienced AD INDUSTRIE management team, and look forward to supporting the Company in its expansion beyond France »
Julien HORREARD, Partner at STIRLING SQUARE CAPITAL PARTNERS
Industrials
Industrials
Next news

Deal LATECOERE SERVICES / December 2016
Deal LATECOERE SERVICES / December 2016
« LATECOERE has just reached a new milestone in the implementation of its Transformation 2020 strategic plan. As announced, all teams are focused on improving the company's competitiveness. Concomitantly, the investment program is intended to enhance the Group's leadership in its high value-added businesses: doors and interconnection systems »
Pierre GADONNEIX, Chairman of the Board of LATECOERE
Industrials
Industrials
The aeronautical equipment manufacturer LATECOERE refocused on its core activities by divesting its subsidiary LATECOERE SERVICES, a provider of industrial services, to Group ADF, specialized in engineering and industrial maintenance services

Headquartered in Sainte-Foy-d’Aigrefeuille (around Toulouse, France), LATECOERE SERVICES is the industrial services subsidiary of LATECOERE, addressing the following sectors: aeronautics (core business), space, defense, energy/nuclear and transport (automotive and rail traffic). LATECOERE SERVICES provides an integrated service offer, ranging from engineering, production chain assistance, and metrology via its subsidiary G²METRIC. Mainly based in France, as well as in Germany, the UK, Spain, Canada, Israel and Tunisia, the company generated c.€100 millions sales in 2015.
Group ADF fully acquired LATECOERE SERVICES at the completion of the transaction.


VULCAIN'S INTERVENTION

VULCAIN conducted an auction process in 2016 on behalf of LATECOERE, leading to the selection of Group ADF as sole strategic investor of LATECOERE SERVICES.
The team of VULCAIN that supported this transaction was led by Gauthier BAIJOT and Chris KODECK
« LATECOERE has just reached a new milestone in the implementation of its Transformation 2020 strategic plan. As announced, all teams are focused on improving the company's competitiveness. Concomitantly, the investment program is intended to enhance the Group's leadership in its high value-added businesses: doors and interconnection systems »
Pierre GADONNEIX, Chairman of the Board of LATECOERE
Industrials
Industrials
Next news

Deal SASA DEMARLE / December 2016
Deal SASA DEMARLE / December 2016
« With WEINBERG CAPITAL PARTNERS operational and financial support, we have been able to strengthen our position as a global leader, mainly thanks to an ambitious strategy to develop our products abroad. We are pleased to welcome ARGOS SODITIC as new majority shareholder to pursue our growth trend »
Rudy BOUSSEMART, Chairman of the SASA DEMARLE GROUP
Industrials
Industrials
WEINBERG CAPITAL PARTNERS and Patrice JACQUELIN sold their stake in SASA DEMARLE Group in December 2016 to ARGOS SODITIC

The SASA DEMARLE Group is the world leader in the design and manufacture of baking equipment mainly for bakery and pastry professionals. The Group operates mainly through two branches: SASA, specialized in rigid and semi-rigid baking equipment and GUY DEMARLE, inventor of the flexible supports and molds under the FLEXIPAN and SILPAT brands. The Group relies on two production centers in France and three recoating centers in France, China and the United States.
The group has a turnover of nearly €60 million, more than half of which is outside of France mainly through a network of more than 80 specialized distributors throughout the world, with an Ebitda margin of c.15%.
Post transaction ARGOS SODITIC will hold 95% of SASA INDUSTRIE's capital and 5% will be held by the management. This acquisition was financed by a unitranche debt granted by IDINVEST PARTNERS and CEREA PARTENAIRE.


VULCAIN'S INTERVENTION

VULCAIN conducted, in co-mandate with ODDO&CIE, an auction process in 2016, leading to the selection of ARGOS SODITIC as sole financial investor.
The team of VULCAIN that supported this transaction was led by Thierry FALQUE-PIERROTIN.
« With WEINBERG CAPITAL PARTNERS operational and financial support, we have been able to strengthen our position as a global leader, mainly thanks to an ambitious strategy to develop our products abroad. We are pleased to welcome ARGOS SODITIC as new majority shareholder to pursue our growth trend »
Rudy BOUSSEMART, Chairman of the SASA DEMARLE GROUP
Industrials
Industrials
Next news

Deal AREVA / November 2016
Deal AREVA / November 2016
Industrials
Industrials
AREVA TA and AREVA S.A. have sold the entirety of their shareholdings, of 66% and 34% respectively, in the capital of their subsidiary ELTA to the ECA Group, a subsidiary of GROUPE GORGÉ, specialized in robotics and automated systems

ELTA, a company based in Toulouse (South West of France) has been specialized in the development, marketing and in-service support of electronic equipment and systems for harsh environments for the aeronautical and space industry since 1975.
Its activities, including mainly the sale and operational maintenance of distressed beacons used in the civil aeronautics sector, generated €15.6 million in revenue in 2015, with a staff of 92 people.
This sale of ELTA to the ECA Group is part of AREVA TA's strategic plan that aims to refocus its activities on the nuclear sector. It also allows ELTA to benefit from the backing of a long-term shareholder that will be able to support its strategic and industrial development.
In preparation for this sale, AREVA first (1) acquired the 34% held by OHB in ELTA, a company then with a revenue of €35 million, which included, in addition to aeronautical and space activities, nuclear and transport activities, then (2) separate nuclear and transport activities in order to integrate them directly into AREVA and keep in ELTA only the aeronautical and space activities with a view to sell 100% of it.


VULCAIN'S INTERVENTION

VULCAIN assisted AREVA throughout the capital and operational reorganization of ELTA, firstly in the acquisition of the 34% held by OHB, then secondly in the carve-out and integration of nuclear and transport activities within AREVA, and thirdly in conducting a large auction process including French and international industrials, leading to the selection, in November 2016, of ECA Group as sole investor.
The team of VULCAIN that supported this transaction was led by Chris KODECK.
Industrials
Industrials
Next news

Deal BKW / September 2016
Deal BKW / September 2016
« This acquisition optimises our wind portfolio through greater geographical and regulatory diversification. »
Renato STURANI, Head of the Renewables & Efficiency division
Infrastructure and energy
Infrastructure and energy
The Swiss-utility BKW has acquired four wind farms in France totaling 49MW, with the option to purchase a fifth, from SAMFI INVEST Group, a French investment company.

One of the farms has been in operation since 1 May 2016; the other three are in the planning or construction phase and should be connected to the network between 2017 and 2018. With 22 turbines and an installed capacity of more than 49MW, they will produce around 120GWh of electricity per year, equal to the annual consumption of more than 18,000 households.
This is BKW’s second investment in the French wind power sector, as it consolidates its position as the leading Swiss operator of wind farms in Switzerland and abroad.


VULCAIN'S INTERVENTION

VULCAIN advised BKW, in the auction process leading to the selection of BKW as sole investor.
The team of VULCAIN that supported this transaction was led by Chris KODECK.
« This acquisition optimises our wind portfolio through greater geographical and regulatory diversification. »
Renato STURANI, Head of the Renewables & Efficiency division
Infrastructure and energy
Infrastructure and energy
Next news

Deal TARA JARMON / September 2016
Deal TARA JARMON / September 2016
« After consulting several actors in the fashion world, we selected Jean-Paul Bize. In addition to the good relations he has developed with David Jarmon, it is his entrepreneurial profile, his long-term vision, but also his financial autonomy that made the difference. »
Francis VARESANO, TARA JARMON General Manager
Consumer, Brand, Retail
Consumer, Brand, Retail
David and Tara JARMON, founders of the accessible luxury womenswear brand TARA JARMON, have sold a majority share in TARA JARMON to family office AMS Industries, to accelerate its international development

Founded in 1986 by David and Tara JARMON, TARA JARMON is a French womenswear brand, positioned on accessible luxury. The company operates a network of c.50 shops and c.60 corners, while having from a presence in c.600 multibrand stores worldwide.
Generating over 50 million euros sales, and a retail volume of 100 million euros, TARA JARMON plans to double its sales over the next five years.
AMS Industries, a family industrial holding founded by Jean-Paul BIZE, already owner of watchmaking and jewelry houses, including jeweler POIRAY and cultured pearls TECLA, intends to form a small group in the luxury world. AMS Industries is also active in the tourism, hotel and energy sectors.


VULCAIN'S INTERVENTION

VULCAIN conducted an auction process in 2016, among investment funds and family offices, leading to the selection of AMS Industries.
The team of VULCAIN that supported this transaction was led by Thierry FALQUE-PIERROTIN and Michael SCHOR.
« After consulting several actors in the fashion world, we selected Jean-Paul Bize. In addition to the good relations he has developed with David Jarmon, it is his entrepreneurial profile, his long-term vision, but also his financial autonomy that made the difference. »
Francis VARESANO, TARA JARMON General Manager
Consumer, Brand, Retail
Consumer, Brand, Retail
Next news

Deal ATLAS FOR MEN / July 2016
Deal ATLAS FOR MEN / July 2016
« ATLAS FOR MEN has proven itself by establishing in Germany, the largest European mail order market but also the most competitive. With our support, the group plans to expand further in Nothern and Eastern Europe »
Pierre CHABAUD, Partner at ACTIVA CAPITAL
Consumer, Brand, Retail
Consumer, Brand, Retail
Technology, Media and Telecom
Technology, Media and Telecom
ACTIVA CAPITAL has acquired ATLAS FOR MEN from DE AGOSTINI Group in order to support its growth in its existing markets and to develop further internationally and online through a marketplace

ATLAS FOR MEN is a specialist in the mail order market for men’s outdoor clothing and accessories which generated 2016 sales of €130 million (vs. €30 million in 2007) and an EBITDA of €8 million. The Company realizes half of its sales in France, one third in Germany and the balance in the rest of Europe including Russia. ATLAS FOR MEN has a market share of 15-20% in the French market.
Since its creation in 1999, the Company was part of EDITIONS ATLAS, as subsidiary of the Italian group DE AGOSTINI, world leader in fascicles who wishes to refocus on its core business.


VULCAIN'S INTERVENTION

VULCAIN has supported ACTIVA CAPITAL in an auction process addressing both industrial and financial companies, mainly French mid-cap investment funds. The transaction is financed by a mezzanine debt provided by INDIGO CAPITAL and a senior debt.
The team of VULCAIN that supported this transaction was led by Thierry FALQUE-PIERROTIN.
« ATLAS FOR MEN has proven itself by establishing in Germany, the largest European mail order market but also the most competitive. With our support, the group plans to expand further in Nothern and Eastern Europe »
Pierre CHABAUD, Partner at ACTIVA CAPITAL
Consumer, Brand, Retail
Consumer, Brand, Retail
Technology, Media and Telecom
Technology, Media and Telecom
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Deal EOLFI / July 2016
Deal EOLFI / July 2016
Infrastructure and energy
Infrastructure and energy
EOLFI, a French developer specialized in off-shore wind projects, and CGN EUROPE ENERGY, have formed a Joint-Venture to respond to the French Call for Project to develop floating offshore wind farms in the Mediterranean and in Brittany

As part of this Call for Project, the Joint-Venture formed by EOLFI and CGN EUROPE ENERGY, has been awarded, in July 2016, the project of Groix and Belle-Île in Brittany. This project comprises 4 large GENEREAL ELECTRIC wind turbines of 6 MW.
In May 2017, EOLFI and CGN EUROPE ENERGY have opened the capital in "Les éoliennes flottantes de Groix & Belle-Ile" to two new equity sponsors: MERIDIAM and the CAISSE DES DÉPÔTS.
This project is a pilot farm that will allow to develop a larger commercial wind farm in the future.


VULCAIN'S INTERVENTION

VULCAIN conducted an auction process, leading to the selection, in 2016, of CGN EUROPE ENERGY as EOLFI's partner to respond to the Call for Projects, and then advised EOLFI as part of the entry to the capital of the company “Les éoliennes flottantes de Groix & Belle-Ile", in May 2017, of MERIDIAM and the CAISSE DES DÉPÔTS.
The team of VULCAIN that supported this transaction was led by Chris KODECK.
Infrastructure and energy
Infrastructure and energy
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Deal PROXISTORE / May 2016
Deal PROXISTORE / May 2016
B2B Distribution and Services
B2B Distribution and Services
Technology, Media and Telecom
Technology, Media and Telecom
The Belgian company PROXISTORE raises €3.5 million by offering merchants to target customers by digital advertising in their geographical areas of influence

Founded in 2011, PROXISTORE has developed an advertising solution from a Web to Store angle: online publication by a physical merchants of local advertising and geolocation of potential customers in order to generate in-store traffic.
Several players took part in this fundraising event, such as the Regional Investment Company of Wallonia (SRIW), which joins the capital, while the current shareholders followed: Roularta Media Group and PX Holding SA (holding of the CEO Bruno Van Boucq surrounded by Belgian industrial families).


VULCAIN'S INTERVENTION

VULCAIN conducted an auction process in 2016.
The team of VULCAIN that supported this transaction was led by Chris KODECK.
B2B Distribution and Services
B2B Distribution and Services
Technology, Media and Telecom
Technology, Media and Telecom
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Deal TODD / April 2016
Deal TODD / April 2016
B2B Distribution and Services
B2B Distribution and Services
Industrials
Industrials
TODD Group expands with the acquisition of SAFIR DISTRIBUTION from the French diversified family group EXPERTON-REVOLLIER located in Isère

For more than 50 years, SAFIR DISTRIBUTION has specialized in spare parts distribution for industrial vehicles and has recently undergone economic underperformance.
TODD Group is a specialist in the distribution of spare parts and after-sales services for industrial vehicles which since 1975 has undergone a permanent evolution. Today, the group covers the entire French territory with more than 30 agencies and technical stations for vehicle interventions.
Led by the teams of AEXTENSIA CORPORATE FINANCE on the sell-side and those of VULCAIN on the buy-side, this operation is financed by TODD's equity. This operation enables the Group to complete its distribution network and its network in the French territory.


VULCAIN'S INTERVENTION

VULCAIN accompanied the founding shareholders of TODD in the acquisition of SAFIR.
The team of VULCAIN that supported this transaction was led by Michel DUVAL.
B2B Distribution and Services
B2B Distribution and Services
Industrials
Industrials
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Deal PHYTEA / February 2016
Deal PHYTEA / February 2016
Healthcare
Healthcare
Consumer, Brand, Retail
Consumer, Brand, Retail
NAXICAP and the founders of PHYTHEA have sold their 100% stake in the Company to LABORATOIRES NOREVA in order to ensure its redevelopment

PHYTHEA is a designer and distributor of food supplements, especially for joints and menopause via its brands PHYTALGIC and MENOPHYTHEA. Its 28 products are distributed through 5,500 pharmacies and parapharmacies mainly in France, but also in Antilles and Belgium, generating sales of €9 millions.
LABORATOIRES NOREVA was founded in the 90’s by Yves-Noël LEPOUTRE and based in Clermont-Ferrand is specialized in dermo-cosmetics and food supplements through its brands NOREVA, ONAGRINE, NOVODEX, NUTREOV and ELCEA. This acquisition enables LABORATOIRES NOREVA to strengthen its market share in its food supplements activity and reach sales of €40 millions.


VULCAIN'S INTERVENTION

VULCAIN launched an auction process in November 2015, exclusively targeting industrial players, which has led to the selection of LABORATOIRES NOREVA in February 2016 for the acquisition of 100% of the shares of PHYTHEA.
The team of Vulcain that supported this transaction was led by Michael SCHOR and Thierry FALQUE-PIERROTIN
Healthcare
Healthcare
Consumer, Brand, Retail
Consumer, Brand, Retail
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Deal GLOBALE ROUTAGE SOLUTIONS / January 2016
Deal GLOBALE ROUTAGE SOLUTIONS / January 2016
B2B Distribution and Services
B2B Distribution and Services
IMPRIMERIE LEONCE DEPREZ sold its subsidiary GLOBAL ROUTAGE SOLUTIONS to EDIIS

IMPRIMERIE LEONCE DEPREZ, a printing services group for magazines, guides, catalogues or leaflets, sold GLOBAL ROUTAGE SOLUTIONS, its routing subsidiary, to EDIIS, specialized in the printing of security documents.
Located in Seine Saint-Denis near Paris, GLOBAL ROUTAGE SYSTEMS specializes in the routing of press and direct marketing materials. It was acquired by IMPRIMERIE LECONCE DUPREZ in 2014 and placed into receivership in November 2015.
EDIIS’s offer was selected by the Commercial Court in mid-January 2015. GLOBAL ROUTAGE SYSTEMS will become EDIIS ROUTAGE and will keep 29 of its 43 employees.


VULCAIN'S INTERVENTION

VULCAIN acted as exclusive financial advisor to IMPRIMERIE LEONCE DUPREZ.
The team of VULCAIN that supported this transaction was led by Michel DUVAL.
B2B Distribution and Services
B2B Distribution and Services
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Deal IMPRIMERIE NATIONALE / December 2015
Deal IMPRIMERIE NATIONALE / December 2015
Financial Services
Financial Services
VULCAIN advises IMPRIMERIE NATIONALE to evaluate development opportunities

VULCAIN conducted a study about the possible strategic evolutions for the Group, as well as conceivable shareholding structure evolutions, in particular the investment of one or several industrial players or the European consolidation of the “National Printing” sector.
IMPRIMERIE NATIONALE is a historical French printing company. As a high technology company, it has become a service provider and a global solutions integrator for the French state, companies and individuals. In particular, IMPRIMERIE NATIONALE manufactures 25 million of secure documents every year, including the French biometric passport.

VULCAIN'S INTERVENTION

VULCAIN conducted an evaluation of the Business Plan of IMPRIMERIE NATIONALE, a valuation of the company and provided an analysis of the different development scenarios.
The team of VULCAIN that supported this transaction was led by Chris KODECK.
Financial Services
Financial Services
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Deal IMPAX ASSET MANAGEMENT / October 2015
Deal IMPAX ASSET MANAGEMENT / October 2015
« This sale demonstrates the continued success of our fast-rotation strategy to buy, build and sell windfarms in France with the support of our local development team there »
Peter ROSSBACH – Managing Director – IMPAX ASSET MANAGEMENT
Infrastructure and energy
Infrastructure and energy
IMPAX ASSET MANAGEMENT sells a 14 MW wind farm based in Fresnoy-Brancourt

IMPAX ASSET MANAGEMENT, via its EPURON investment in France, has sold 100% of its 13.8 MW onshore wind farm, located in Fresnoy-Brancourt and operational since December 2014, to BKW FRANCE, the Switzerland-based energy supplying facilities operator.
Located in one of the richest wind areas in France, in Picardie (Aisne), 100 km from Amiens, the windfarm consists of 6 ENERCON E82 2.3 MW wind turbines.
VULCAIN'S INTERVENTION

VULCAIN acted as exclusive financial advisor to IMPAX ASSET MANAGEMENT.
The team of VULCAIN that supported this transaction was led by Chris KODECK.
« This sale demonstrates the continued success of our fast-rotation strategy to buy, build and sell windfarms in France with the support of our local development team there »
Peter ROSSBACH – Managing Director – IMPAX ASSET MANAGEMENT
Infrastructure and energy
Infrastructure and energy
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Deal PROMOTAL / September 2015
Deal PROMOTAL / September 2015
« Until now, we have only realized 20% of our sales abroad. With this acquisition, this share now increases to around 40%. And we do not intend to stop there »
Rudolf MOURADIAN, CEO of ELOI
Healthcare
Healthcare
The American Group MIDMARK CORPORATION sells its French subsidiary PROMOTAL to ELOI Group

Based in Mayenne (France) near Laval, PROMOTAL is a manufacturer of medical furniture achieving c.€10m of sales, half of which abroad in some 50 countries. The Company manufactures examination couches, gynecological tables and stretchers for doctors, hospitals, retirement homes and specialized
centers. The sale of this Company is part of the refocusing of its parent company on its dental activities and the Asian area.
The American group MIDMARK CORPORATION realizes sales of c.€400m through the manufacturing of equipment and software dedicated to the medical, veterinary and dental markets.
Taken over in 2010 by Rudolf MOURADIAN, ELOI is a specialist in medical and beauty products with a recognized expertise in instrumentation, sterilization and medical imaging. In order to finance this acquisition, ELOI raises €2m from A PLUS FINANCE. This acquisition enables ELOI to rely on PROMOTAL's international base to accelerate its export development and complete its offering with a very innovative range of products.
VULCAIN'S INTERVENTION

VULCAIN acted as exclusive financial advisor to MIDMARK CORPORATION in the carve-out of its
French subsidiary PROMOTAL which became non-strategic.
The team of VULCAIN that supported this transaction was led by Chris KODECK.
« Until now, we have only realized 20% of our sales abroad. With this acquisition, this share now increases to around 40%. And we do not intend to stop there »
Rudolf MOURADIAN, CEO of ELOI
Healthcare
Healthcare
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Deal SNAM / June 2015
Deal SNAM / June 2015
« SNAM comforts its leadership position in Europe in automotive and industrial battery recycling »
Gaëtan WAUCQUEZ, Managing Director of FLORIDIENNE GROUP
B2B Distribution and Services
B2B Distribution and Services
SNAM realizes a capital increase

SNAM (SOCIETE NOUVELLE D’AFFINAGE DES METAUX), a subsidiary of GROUPE FLORIDIENNE, has realized a capital increase alongside a cash-out. The capital increase, supported by a private investor, amounts to €8.7m of which €5.0m in new shares and €3.7m in conversion of shareholder loans.
SNAM, employing 100 people, is a European specialist of battery commissioning, especially for the automotive industry (batteries from electric and hybrid vehicles). The Company owns two industrial sites in Aveyron and Isère. SNAM has signed agreements with several car manufacturers (TOYOTA, HONDA, VOLKSWAGEN, PEUGEOT, CITROËN, BMW, etc.), from which it collects and recycle used batteries from electric and hybrid vehicles since 2012.

VULCAIN'S INTERVENTION

VULCAIN acted as exclusive financial advisor to GROUPE FLORIDIENNE.
The team of VULCAIN that supported this transaction was led by Chris KODECK.
« SNAM comforts its leadership position in Europe in automotive and industrial battery recycling »
Gaëtan WAUCQUEZ, Managing Director of FLORIDIENNE GROUP
B2B Distribution and Services
B2B Distribution and Services
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Deal LEARNING TREE / March 2015
Deal LEARNING TREE / March 2015
« The IT and digital professions continue to evolve over the course of the digital revolutions. We are constantly adapting our training programs to meet the needs of corporations like MICROSOFT, IBM or ACCENTURE. With these new specializations, we guarantee our students an employability rate close to 100%. Our young graduates are experts who correspond to the new profiles very popular with these companies. »
Alick MOURIESSE, President at SUPINFO INTERNATIONAL UNIVERSITY
B2B Distribution and Services
B2B Distribution and Services
US-based LEARNING TREE INTERNATIONAL INC. completed the sale of its French subsidiary to EDUCINVEST, the parent company of SUPINFO, for a symbolic Euro. The acquirer also signed a license agreement to continue to use the brand and certain educational and promotional materials, over a 10-years period renewable once

LEARNING TREE INTERNATIONAL S.A. is one of the top 10 IT & management training services market players in France, offering courses lasting from one to five days, taught by instructors to small groups of trainees, either on company sites or taught in its classrooms. In this latter case, a set of proprietary, highly collaborative tools also enables trainees to participate remotely to classes conducted live. The Company generated c.€8 million in sales in 2017.
EDUCINVEST fully acquired LEARNING TREE INTERNATIONAL S.A. at the completion of the transaction.


VULCAIN'S INTERVENTION

VULCAIN conducted an auction process in 2014 on behalf of LEARNING TREE INTERNATIONAL INC., leading to the selection of EDUCINVEST as sole strategic investor of the French subsidiary.
The team of VULCAIN that supported this transaction was led by Chris KODECK.
« The IT and digital professions continue to evolve over the course of the digital revolutions. We are constantly adapting our training programs to meet the needs of corporations like MICROSOFT, IBM or ACCENTURE. With these new specializations, we guarantee our students an employability rate close to 100%. Our young graduates are experts who correspond to the new profiles very popular with these companies. »
Alick MOURIESSE, President at SUPINFO INTERNATIONAL UNIVERSITY
B2B Distribution and Services
B2B Distribution and Services
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Deal ASSURONE / June 2014
Deal ASSURONE / June 2014
« With the benefit of ANACAP’s intensive, operationally focused investment approach and the industry’s attractive underlying market trends we believe there is an excellent opportunity for ASSURONE. Working alongside a very strong management team we will focus on the acceleration of the business plan specifically through digitalisation, but also through a disciplined focus on new markets and products »
Nassim CHERCHALI, Director at ANACAP FINANCIAL PARTNERS
Financial Services
Financial Services
Technology, Media and Telecom
Technology, Media and Telecom
ANACAP FINANCIAL PARTNERS, a London-based investment fund specialized in financial services, acquired a majority stake in ASSURONE from financial investors SEVENTURE PARTNERS and BPI, who have supported the growth of the business since 2006 and 2008 respectively

ASSURONE is a French digital insurance broker specializing in the online distribution and management of personal insurance products (motor, home, etc.). Initially focusing on the direct sale of insurance products, it successively developed an indirect (wholesale) activity through a network of offline brokers and a white-labelling activity with large corporates. The company has relationships with at least 20 major insurers. ASSURONE targets €25 million in sales in 2014.
ANACAP FINANCIAL PARTNERS acquired a majority stake in ASSURONE, alongside the management team as minority shareholder.


VULCAIN'S INTERVENTION

VULCAIN advised ANACAP FINANCIAL PARTNERS in the acquisition of ASSURONE.
The team of VULCAIN that supported this transaction was led by Michael SCHOR
« With the benefit of ANACAP’s intensive, operationally focused investment approach and the industry’s attractive underlying market trends we believe there is an excellent opportunity for ASSURONE. Working alongside a very strong management team we will focus on the acceleration of the business plan specifically through digitalisation, but also through a disciplined focus on new markets and products »
Nassim CHERCHALI, Director at ANACAP FINANCIAL PARTNERS
Financial Services
Financial Services
Technology, Media and Telecom
Technology, Media and Telecom