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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

HPS

Capital Export completes acquisition of HPS International

Press release

Paris, June 9, 2017

HPS International, a global manufacturer of hydraulic cylinders, and Capital Export, a French private equity firm, today announce the sale of HPS to Grégory Poitrasson.  

Founded in 1990 by José and Angelo Rodrigues, with headquarters in Ennery, France, HPS International (www.hp-systems.fr) designs, produces, and commercializes high-tech hydraulic cylinders. The company has 70% of its sales in international markets, and has achieved sustained growth over the past few years.

HPS is present in 8 countries, with production sites in Ennery, France; Shenzhen, China; and Sao Paulo, Brazil. This international coverage allows the company to supply dynamic markets in North America and Asia.

The transaction will hand over the company’s reins to Grégory Poitrasson. This former executive at Magna (36 billion dollars in sales, 323 industrial sites) is very familiar with the world of industry. Furthermore, having run manufacturing divisions in the USA, Europe, China, South Korea, and India, he will be able to contribute his operational and international experience, as well as his extensive address book.

Grégory Poitrasson is founding HPS International’s growth on 3 key areas (i) international expansion in North American, German, and Asian markets; (ii) the launch of new innovative products (which are in the end of the test phrase, prior to pre-marketing); and (iii) improvement of manufacturing processes. The company is aiming for major sales growth in the next three to four years. This project has met with high internal approval, since five key executives worked closely on the transaction alongside Grégory Poitrasson and José Rodrigues, the outgoing CEO. Mr. Rodrigues played a significant role in the transaction and will continue to provide support for product innovation.

Société Générale advised Capital Export (the leading shareholder) on the transaction, which involved a pool of co-investors comprised of Isatis Capital, Caisse d’Epargne Ile-de-France Capital-Investissement, and Picardie Capital (Caisse d’Epargne Hauts de France). Senior debt is being issued by a regional banking pool composed of Caisse d’Epargne Ile-de-France and Caisse d’Epargne Hauts de France.

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.”

 

 

Find out more about HPS : www.hp-systems.fr

 

 

Impression

TGE reorganized its capital to accelerate its international growth

Press release

Paris, January 5, 2017

TGE, which engineers specialized evaporation and drying processes, is riding high: private equity firm Capital Export is brokering Capitem’s sale of its TGE shares, acquired in 2014, and contributing all of its export development expertise to help TGE launch an active international growth and build-up phase.  

Founded in 1994, and acquired in 2011 by Benoit and Valérie Colin, TGE (www.tge-france.com) designs and produces turnkey evaporation and drying equipment. The company is headquartered in Evreux, France. TGE primarily serves large agri-food companies, particularly manufacturing facilities that produce powdered dairy products. TGE doubled in size in three years, and has €13 M in sales, including nearly 30% in international markets.

Building on its proven expertise, TGE is undertaking an ambitious strategy to accelerate its growth: (i) expand its business internationally, (ii) acquire new expertise, and (iii) continue its development in other markets.

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.”

 

 

Find out more about TGE : www.tge-france.com

 

 

news-adeunis

Adeunis RF accelerates its international expansion with Capital Export

Press Release

LYON, France – September 2014

Capital Export, an independent French investment fund, has announced that it is investing €2.5M in Adeunis RF, a company based in Grenoble (Isère) that designs wireless systems and solutions (www.adeunis-rf.com, www.vokkero.com). Capital Export may also provide additional funding for future sales opportunities or strategic acquisitions.

 

logo-adeunisAdeunis 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.

The company is also creating extensive new lines of modems and modules for a variety of applications: automation, industry, transport, urban infrastructure, geolocation, etc.

Furthermore, their Vokkero range of communication systems for referees (FIFA, UEFA, IRB, etc.) has enormous sales potential in the United States (American football, soccer, basketball), where the company set up offices two years ago. The company is also launching a range of products using Vokkero technology for non-sporting markets, such as security, industry, construction, etc.

Adeunis RF has €10M in turnover its operational profitability is 10% (despite making €10M in investments in the last 3 years), and plans to triple in size in the next 4 to 5 years given its projected sales opportunities.

The company is basing its growth on 3 strategic priorities: bolstering the international expansion of its full product range in the United States, Southern Europe, Eastern Europe, and Asia; expanding the Vokkero range to non-sporting applications to increase sales volume; and lastly, further developing AMR products, which have much higher sales volume potential than the other product lines. In terms of technology, the company keeps innovating with current projects related to the IOT (Internet of Things) that show promising initial results.

« Capital Export’s investment provides us with the resources we need to finance our aggressive growth efforts, particularly at the international level,” said Hervé Vincent, President of Adeunis RF. “We are particularly excited about working closely with a team of investors that is so familiar with the challenges faced by growing, exporting SMEs.»

« We were impressed by Adeunis RF’s technological expertise, as exemplified by their wide range of applications and the product line they recently developed for the AMR market,” said Jean-Mathieu Sahy, President of Capital Export. “Under Hervé Vincent’s leadership, the company has positioned itself to take advantage of significant sales opportunities in the coming years, particularly in the export market. We are thrilled to collaborate with companies such as Adeunis RF to support their international expansion, both financially and by means of our specialized networks. »

 

news-celec

A leveraged buyout to accelerate Celec’s growth

Press release

Paris, June 3, 2015

Celec, a family-owned optoelectronics company, is reinforcing its management team under the leadership of Michel Fardo, thanks to a capital transaction conducted by Capital Export.

celec-usineChristian 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.

Celec has 80 employees in France (Neufchâtel-en-Bray) and China (Ningbo), with close to €10M in turnover in three markets:

  1. Sanitaryware
  2. Door automation
  3. Dedicated solutions (checkout sensors, products for the defence and health industries, etc.)

Following its success in these markets, Celec is now launching an ambitious growth strategy to reach €17M in turnover in the next five years: (i) introduction of new product lines; (ii) expansion of international business, which already represents 70% of its turnover; and (iii) development of new markets (energy, environment, security, railways, etc.).

The BIMBO transaction, orchestrated by Michel Fardo, former Managing Director of Mors Smitt France, and Pierre-Michel Deléglise, former Managing Director of Groupama Private Equity, will be critical to the company’s development. The new management team led by Michel Fardo will thus possess complementary expertise, with operational support from Vincent Martin as Marketing Director and Matthieu Martin as Manufacturing Director, while Pierre-Michel Deléglise will oversee financial and strategic development.

michel-fardoMichel 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.”

Capital Export is now Celec’s leading shareholder, with a minority stake. This is the private equity fund’s 7th investment. Two private investors are also participating in the transaction and contributing their manufacturing experience and networks. A regional banking pool comprising Crédit Agricole Brie Picardie, Crédit Agricole Normandie Seine, and Caisse d’Epargne Picardie is underwriting senior debt.

jean-de-puybaudetJean 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.”

Find out more about Celec: www.celec.fr