Founded in 1962 and acquired in 2005 via a management buy-out (MBO) led by Marc-Antoine Blin, the Elydan group specialises in the manufacture and sale of polymer-based tubes that are environmentally friendly and fully recyclable, intended for the transport of fluids in buried pipes. With five production sites in France and one in Belgium, Elydan currently has around 400 employees and turnover of over € 160 million. Each year, the company produces over 340,000 kilometres of tubes and pipes. In recent years, the group has implemented an organic and external growth strategy, notably involving the successful acquisition of Polypipe France, formerly a subsidiary of the British company Polypipe.
Elydan is continuing its growth at the international level by acquiring the German company Multitubo, which specialises in the distribution of multilayer tubes and connectors. In carrying out the acquisition, Elydan received support from its historic partners, Bpifrance, IXO Private Equity, and FRI, as well as a new investor, Crédit Mutuel Equity.
With this transaction, Elydan is strengthening its positions in Germany and the Benelux countries, and it will have the capacity to continue the development of multilayer products in France.
“We are proud to continue investing in the group as part of this new strategy for growth in Europe. As Elydan is a member of the Coq Vert community, this transaction fits perfectly with the strategy of our Climate Plan, which aims to support eco-friendly companies with their growth strategies,” explains Benoit Zilber, Senior Investment Manager at Bpifrance.
“Following our entry into Elydan’s shareholder base in 2018, when the company acquired Polypipe France, a transaction that doubled the size of the group, we are pleased to renew our support for Marc-Antoine and his teams with this new strategic external-growth transaction. It is the perfect illustration of our strategy of investing in companies that are leaders in their markets. We are deeply committed to actively supporting such companies with their long-term growth policies,” adds Sylvain Caillat, Director of Equity Investments at IXO PE.
“We are very pleased to be able to support the Elydan group over the long term as it implements an ambitious new roadmap. Care for the environment, manufacturing performance, and the quality of relationships with the leadership team are all factors offering great prospects for us,” says Sébastien Bailly, Board Member at FRI Gestion.
“The acquisition of Multitubo strengthens the Elydan group’s European standing and we are delighted to provide equity financing for the transaction. Marc-Antoine Blin and his team have demonstrated over the last few years their ability to integrate major acquisitions and to pursue with verve a dynamic growth strategy and a committed CSR policy, making Elydan an essential player in its market,” concludes Laurent Vasselin, Director at Crédit Mutuel Equity
- Investors
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- Bpifrance: Benoit ZILBER
- IXO Private Equity: Sylvain CAILLAT, François SION
- FRI: Sébastien BAILLY, Thibault LABROSSE
- Crédit Mutuel Equity: Laurent VASSELIN, Simon ROLLAND
- Advisors
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Investor advisors: BM Partners (Karine BUDIN)
Crédit Mutuel Equitylegal counsel: Duteil Avocats (David MERLET)
Seller corporate legal counsel: Cabinet Requet Chabanel (Morgane PAGES, Renaud GIGNOUX)
M&A consulting ELYDAN: Sazun (Emmanuel MULLER)
- Due diligence
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Financial due diligence: Advance Capital (Arnaud VERGNOLE, Marine VERNAY, Mathieu CANONIER)
Legal, social, and tax due diligence: BM Partners (Karine BUDIN), Fromont Briens (Laurence URBANI-SCHWARTZ), Lexicube (Jean-Luc DURY, Anne KOSNJEK)
- Banks
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LCL (arranger), BNP PARIBAS, CERA, CASRA, CIC
About Bpifrance:
The capital investments of Bpifrance are carried out by Bpifrance Investissement. Bpifrance finances companies at every stage of their development with credit, guarantees, and equity capital. Bpifrance supports them with their innovation and international projects. Bpifrance also supports their export activities through a wide range of products. Consulting, its own university, networking and acceleration programme for start-ups, SMEs and midsize companies are also offered to entrepreneurs. Thanks to Bpifrance and its 50 regional branches, entrepreneurs benefit from a single, local, and efficient point of contact to support them in taking on challenges.
For more information: www.Bpifrance.fr. Follow Bpifrance on Twitter: @Bpifrance - @BpifrancePresse
About FRI:
FRI was founded in 2011 at the direction of France’s Auvergne-Rhône-Alpes region, with support from investors involved in the development of the region’s economic fabric. Its investment policy involves supporting, throughout their trajectories, SMEs that generate over € 5 million in turnover, assisting them through phases of growth, redeployment, and transfers. The successor fund, FRI Auvergne-Rhône-Alpes 2, with additional resources, has been operational since January 2018. The FRI team belongs to the “Redeployment” division of the Siparex group.
About IXO Private Equity:
Founded in 2003, IXO Private Equity is the number-one independent regional private equity player in France. With assets under management totalling over € 750 million, the management company mainly conducts development capital and capital transfer transactions. It makes equity investments of € 2 million to € 30 million per project, in companies in the “Greater South” region of France. Solidly rooted in these communities, IXO’s stable team is made up of 20 people, including 14 professional investors offering complementary experience, of whom four are associate directors dedicated to the regions covered by IXO Private Equity: Olivier Athanase (Nouvelle-Aquitaine), Nicolas Charleux (Provence-Alpes-Côte-d’Azur), Jean-Luc Rivière (Occitanie), and Alexandre Sagon (Auvergne-Rhône-Alpes). www.ixope.fr
About Crédit Mutuel Equity:
Crédit Mutuel Equity is home to all of the Private Equity activities of Crédit Mutuel Alliance Fédérale: Capital Développement (Capital Development), Capital Transmission (Capital Transfer), and Capital Innovation.
Crédit Mutuel Equity provides capital support to business leaders at all stages of development of their companies—from start-up to transfer—by giving them the resources and time required to implement their transformation projects. Crédit Mutuel Equity brings together over 350 business leaders, who share their beliefs and pose questions within a true network of entrepreneurs that allows each member, regardless of the nature of their project, to benefit from the experience of others. By investing its own capital (€ 4 billion), Crédit Mutuel Equity finances companies’ projects with timelines that are adapted to their growth strategies, in France, Germany, Switzerland, and Canada.
For more information: www.creditmutuel-equity.eu
About Crédit Mutuel Alliance Fédérale:
A leading French bank and insurance company, with over 75,000 employees and serving over 29 million customers, Crédit Mutuel Alliance Fédérale offers a range of services to individual customers, local professionals, and companies of all sizes, via its 4,500 points of sale. Among the most solid banking groups in Europe, its equity capital amounted to € 53.2 billion and its CET1 ratio stood at 18.8% on 31 December 2021.
Crédit Mutuel Alliance Fédérale brings together the Crédit Mutuel banks of the following federations: Centre Est Europe (Strasbourg), Sud-Est (Lyon), Île-de-France (Paris), Savoie-Mont Blanc (Annecy), Midi-Atlantique (Toulouse), Loire-Atlantique et Centre Ouest (Nantes), Centre (Orléans), Normandie (Caen), Dauphiné-Vivarais (Valence), Méditerranéen (Marseille), Anjou (Angers), Massif Central (Clermont-Ferrand), Antilles-Guyane (Fort-de-France), and Nord Europe (Lille).
Crédit Mutuel Alliance Fédérale also includes the Caisse Fédérale de Crédit Mutuel, the Banque Fédérative du Crédit Mutuel (BFCM) and all its subsidiaries, notably CIC, Euro-Information, Assurances du Crédit Mutuel (ACM), TARGOBANK, Cofidis, Banque Européenne du Crédit Mutuel (BECM), Banque de Luxembourg, Banque Transatlantique, and Homiris.
More information is available at www.creditmutuelalliancefederale.fr