Emballages Réunis

Lyon-based Emballages Réunis - a group consisting of five operational companies, the largest of which are GM Emballages and Protembal - specialises in wooden crates and industrial packaging. Paul Giraud, who founded the business in 1984, wanted to transfer the ownership and management of the group to his key executives, with the support of Crédit Mutuel Equity and Garibaldi Participations, which now own a 20% stake following the transaction. The business as a whole generates consolidated revenue of €18 million and employs 80 people.

The group's main business consists of making wooden crates and providing industrial packaging services to protect its customers' products while being shipped by water, land or air. A wide range of companies in all sectors use the services of Emballages Réunis, which is known for its expertise in custom industrial packaging and the packaging of hazardous controlled substances, which requires specific authorisations, compliance with standards, and technical expertise.

The group has operated through a holding company since 2012 and gradually expanded its offering, enabling it to provide a comprehensive, responsive service through a strong local presence in its markets.

• GM Emballages in Loyettes and Bois et Développement Isère in Côte-Saint-André make industrial crates made from solid wood and plywood,
• Protembal in Saint-Priest and Seli Emballages in Corbas offer custom solutions for the packaging of industrial components, mainly for export markets,
• Saint Ex Emballages in Saint-Laurent-de-Mure focuses on packaging for hazardous materials,
• GM Négoce in Charvieu-Chavagneux supplies packaging materials,
• GM Stock, renamed Nova Log in July 2019, focuses on storage and logistics, with a 10,000 m² warehouse in Charvieu-Chavagneux.

The group has grown through a series of acquisitions and by starting its new subsidiaries from scratch, with the result that Emballages Réunis is now a major player in industrial packaging in the Auvergne Rhône-Alpes region. Following the buy-out, the group is now owned by its management, with four key executives holding almost 70% of the capital, alongside Crédit Mutuel Equity and Garibaldi Participations. Those four executives are Laurent Jolivot, head of Protembal and now Chairman of Emballages Réunis, alongside Antonio de Barros, technical sales manager, Gérard Vuillod, head of production and Roger Da Costa, workshop manager and co-founder of Protembal. The group's other main managers have also acquired stakes in the group as part of the buy-out.

"With this transaction, we have secured backing from a set of trusted partners that, with their expertise and networks, can provide us with strong external support as we develop and diversify our commercial offering, while remaining true to our philosophy. Our aim is to be a consolidator in our region, while increasing the value that we add as multi-specialist player with a strong local presence in Southeast France", explained Laurent Jolivot.

"We were attracted by the quality of the management team, which is very close-knit and an excellent fit, and also by a business model and plan that give the group substantial growth potential, mostly through acquisitions, for which we would be able to provide the necessary equity. The sector has remained fragmented but is set to consolidate in the next few years, with geographical proximity a key development driver. The management team's business plan is likely to attract independent producers of crates and industrial packaging, which will want to become part of Emballages Réunis", added Laurent Sallet, Principal at Crédit Mutuel Equity.

"We are a subsidiary of the group's long-standing banking partner (Banque Populaire Auvergne Rhône Alpes), so we know the business well and wanted to take part in this transaction, which represents a genuine handover of the group to its operational managers. This is what we wanted to see: a collegial governance arrangement involving managers who have been in place for a long time, headed by a genuine leader, Laurent Jolivot. In addition, Emballages Réunis is a solid business, well positioned in a resilient sector that is growing consistently and has shown good profitability over a long period. We want to support the group with future acquisitions", added Pierre Levin, Principal at Garibaldi Participations.

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