Capital Export 
CAPITAL EXPORT II makes its first investment in PROENGIN
Press release – September 2018
Paris, France: Capital Export, a French private equity firm, along with Jean-François Brun and Proengin’s management team, Eric Damiens and Alain Cissé, announce Proengin’s ownership transfer and international expansion strategy.
Proengin (www.proengin.com) was founded in 1976 and is headquartered in Saint-Cyr-l’Ecole, in the Paris region. The company designs, produces, and sells a full range of systems that detect chemical and biological threats to ensure the safety of both people and critical infrastructure. These systems, which use flame spectrophotometry technology, are mainly sold to military and civil security forces in France and more than 70 countries. 60% of Proengin’s sales are in the export market.
Jean-François Brun held several general and operational management positions at Schlumberger, Actaris, Itron, and Delta Dore. He is taking over Proengin from Patrick Bleuse, who ran the company for 15 years. This transaction allows Galiena Capital to exit the company.
Jean-François Brun aims to capitalize on Proengin’s technical excellence and international reputation to develop the group through three strategic pillars: (i) increase Proengin’s international market share, particularly in the US, Asian, and Middle Eastern markets, with Capital Export’s support; (ii) quickly create a department focused on service activities; (iii) develop new connected solutions for the civil security and critical infrastructure markets. In addition to its projected growth, Proengin also plans to strengthen its technological leadership in the management of CBRN threats.
Lincoln International advised Capital Export (the leading shareholder) on the transaction, which involved a pool of co-investors comprised of Swen Capital Partners, Parvilla, and Caisse d’Epargne Île-de-France Capital-Investissement. Senior debt is being issued by a banking pool composed of Caisse d’Epargne Île-de-France, Banque Populaire Rives de Paris, BNP Paribas, and Eiffel Investment Group.
Jean-François Brun: “Capital Export clearly emerged as the ideal partner to support our drive to accelerate Proengin’s growth. Eric Damiens, Alain Cissé, and I are counting on Capital Export’s in-depth knowledge of manufacturing and their international networks to guide our entrepreneurial project. Thanks to our combined experience with the global CBRN market and innovations in the fields of connectivity and digital technology, we’ll be able to rapidly position Proengin as a global leader in this sector.”
Michel Claret: “We are thrilled to be making Capital Export II’s first investment alongside Jean-François Brun to support the purchase and development of Proengin. This company boasts undeniable technological leadership and strong international exposure, two major advantages that are key components of our strategy, since they are critical for a steady, sustained expansion. Jean-François’ manufacturing experience will help Proengin make major progress in technological innovation, internal restructuring, and sales resources. We will provide Jean-François and his team with all our expertise and the international networks we have developed since the creation of Capital Export.”
Please follow the link to the full press release in English: CP Proengin vdef-eng
Grégory Poitrasson, the new CEO of HPS, said: “Capital Export was the ideal partner to lead this transaction, thanks to its understanding of manufacturing sectors, its expertise, its international networks, and its pragmatic approach. Capital Export made it possible for me to take on this entrepreneurial adventure by acquiring HPS, which is a perfect extension of my previous experiences. I also appreciate the support of Jose and Angelo Rodrigues, who have built a strong manufacturing and commercial foundation that will pave the way for the company’s current and future development.”
Jean Mathieu Sahy, President of Capital Export, said: “HPS is one of the leading players in the hydraulic cylinder market. The company is a cut above its competitors thanks to its culture of innovation and service, and its extensive international reach. Grégory Poitrasson’s experience and networks, as well as the commitment of the team surrounding him, make it possible to envision significant growth in the coming years.”
Capital Export, in its 8th transaction, is providing its support to the management team surrounding Benoît and Valérie Colin. Senior debt is being issued by a regional banking pool, composed of Caisse d’Epargne Normandie and CIC Nord-Ouest. Benoit Colin, CEO of TGE, said: “In order to pursue further growth, our search for investors led us to select Capital Export because of its strong international experience. Our long-standing banks have also re-affirmed their trust in TGE during this critical new step for the company and its employees.”
Jean de Puybaudet, Founder of Capital Export, said: “TGE has a very strong team made up of Benoit and Valérie Colin and two of the company’s executives, which is launching a new growth phase focused on international development and penetration of new markets. To support this growth, we will provide TGE with our full range of export development resources and will help conduct strategic acquisitions.”
Adeunis RF, founded more than 20 years ago and led by Hervé Vincent, has seen sustained growth in France and abroad. Following A Plus Finance’s equity investment in 2011, the company developed a complete range of Automatic Meter Reading (AMR) systems. AMR technology is used in a variety of applications for remote data collection, particularly from energy metering devices, which are being used more and more in France and Southern Europe. Thanks to the quality of its products, Adeunis was awarded a major French tender in 2014.
Christian Martin founded Celec in 1990 in Neufchâtel-en-Bray, (Normandy), transferring the company to his sons Vincent and Matthieu in 2002. Celec manufactures a large range of optoelectronic sensors using their proprietary technology (10 international patents), including high-tech detection and control devices.
Michel Fardo: “Thanks to the hard work of the Martin family, Celec has become a world leader in the optoelectronics industry, known for its high-quality products and capacity for innovation. I’m convinced that with the combined talents of Pierre-Michel, Vincent and Matthieu, and the existing employees, as well as the support of Capital Export, we’ll be successful in our efforts to further develop Celec and ensure its long-term viability in this growing market.” Vincent Martin: “We thought long and hard about this project, which will provide us with new development opportunities designed to maintain our leadership in our existing markets and ensure our continued growth in the next decade. Thanks to Michel Fardo and Pierre-Michel Deléglise’s human and professional qualities, as well as Capital Export’s specific export focus and founding partner Jean de Puybaudet’s demonstrated ability to understand manager’s needs, we are convinced that our company will thrive.”
Jean de Puybaudet: “Michel Fardo’s team will launch Celec’s new growth phase by combining the complementary skills and networks of the new managers with the technical, commercial, and manufacturing skills of Vincent and Matthieu Martin. We are confident in the abilities of this top-notch management team, and we’ll be providing them with our full range of export development resources.”