EXCLUSIVE AGREEMENT FOR THE ACQUISITION OF ALTAÏR GROUP
Paris, 19th of November 2020
Eurazeo PME, subsidiary of Eurazeo that specialises in investing in
medium-sized companies, has signed an exclusive agreement to acquire Altaïr
group. The deal would involve Eurazeo PME investing around EUR115 million in
the Group. Eurazeo PME would hold a majority stake alongside Altaïr management
and key executives.
Altaïr was founded in 1946 by the Brunel brothers, and is a leading European
producer of household and home care products. Operating in a resilient sector
that has demonstrated steady growth over the last 20 years, the Group generated
around EUR105m of revenue in 2019 and maintained its growth trajectory despite
the ongoing sanitary crisis.
The Group's offer is built around strong brands with leadership positions in
the home care and insect control markets:
* Starwax brands portfolio (Starwax the Fabulous, Starwax Respect etc.) for
specialist cleaning products;
* Sinto for multi-material repair and renovation products
* Kapo for insect control.
These brands are mainly distributed through specialized channels and DIY stores
in France. Altaïr has also developed a significant presence in Spain (c. 25%
of revenue) with the Oro (laundry products and insecticides) and Mistol
(dishwashing products) brands.
In addition, the Group sells its products in more than 50 countries (c. 25% of
revenue), either through its local subsidiaries in Poland and Benelux or
through distributors, mainly in North Africa and Eastern Europe.
The shared ambition of Eurazeo PME and the management team led by Etienne
Sacilotto is to accelerate the Group's development in Europe by a combination
of organic growth and buy-and-build acquisitions, and to actively support the
Group in its CSR roadmap.
Eurazeo will bring its financial resources, international network and expertise
(notably in external growth, digitalisation and CSR) to help the Group
accelerate on the transformation plan already initiated by the management team.
Benjamin Hara, member of Eurazeo PME's Executive Board, said:
We look forward to supporting the management team led by Etienne Sacilotto in
its ambitious growth strategy underpinned by the positive underlying consumer
trends in the home care sector. The Group has strong development potential
thanks to its innovation know-how, the strength of its brands (Starwax, Oro,
etc), its track record of operational excellence and a CSR strategy that we
will be supporting actively. Altaïr is also a robust platform for a focused
consolidation strategy in France and Europe.
Etienne Sacilotto, General Manager of Altaïr, added:
We are confident that this new milestone will enable us to accelerate our
development in the years to come. I am grateful to Motion Equity Partners for
their continuous support and I am very pleased to welcome Eurazeo PME - I am
convinced their financial support and renowned expertise (external growth,
digital transformation, CSR...) will be key catalysts in delivering our
strategic roadmap. I would also like to thank all our employees for their
commitment and I am confident that their steady dedication will continue to
drive our success in the service of our customers.
Patrick Eisenchteter, Motion Equity Partners
Since our initial investment in 2016, Altaïr Group has made a great step-up to
become a true European leader in branded household care products. We are proud
to have contributed to this success alongside the Group's Management team,
notably through Altaïr's first cross-border acquisition (Oro, Spain) which has
significantly strengthened the Group and laid the ground for the current growth
project carried-out by Etienne Sacilotto and his team. We are delighted to
hand-over to Eurazeo PME, which we believe is the right partner to the Group
and its Management team in order to pursue its growth story, both organically
and through buy & build.
Eurazeo is a leading global investment company, with a diversified portfolio of
EUR18.8 billion in assets under management, including EUR13.3 billion from
third parties, invested in over 430 companies. With its considerable private
equity, real estate and private debt expertise, Eurazeo accompanies companies
of all sizes, supporting their development through the commitment of its nearly
300 professionals and by offering in-depth sector expertise, a gateway to
global markets, and a responsible and stable foothold for transformational
growth. Its solid institutional and family shareholder base, robust financial
structure free of structural debt, and flexible investment horizon enable
Eurazeo to support its companies over the long term.
Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, London,
Luxembourg, Frankfurt, Berlin and Madrid. Eurazeo is listed on Euronext Paris.
Altaïr was founded in 1946 by the Brunel brothers, and produces household and
home care products: Starwax (premium home care products), Sinto (renovation and
repair products), Kapo (insecticides) in France as well as Oro (household
products) and Mistol (dishwashing products) in Spain.
Headquartered in Wasquehal, Northern France, the Group employs around 380
people and operates two production sites in France (in Noyelles and Aubagne)
and one in Spain (in Valencia). With well-established brands and a strong
capacity for innovation - launching more than 150 new products per year and
developing new concepts and brands - Altaïr is a major European player and
About Motion Equity Partners
Motion Equity Partners is a long-standing mid-market private equity firm with a
seasoned team of private equity professionals and more than 25 years of
experience in backing French and International SMEs alongside Management teams.
Motion Equity Partners has an extensive track record with more than 50
operations realised in France and abroad, actively supporting Management teams
aiming at accelerating growth, change and development.
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