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La Toulousaine

Stella Group is a leading French manufacturer of custom-made metallic gates and curtains, roller shutters, aluminium gates and sectional doors.

At the time of acquisition, Stella Group was formed of two companies: La Toulousaine and Profalux. La Toulousaine is a manufacturer of commercial metallic gates and curtains for retail stores and sectional doors and aluminium gates for industrial and residential use. Profalux is a leading manufacturer of aluminium roller shutters. In June 2012, the group acquired a third business, Eveno, a leading supplier of roller shutters in France

VALUE CREATION

During Equistone’s investment period, Stella Group’s strong business model has been demonstrated by its ability to withstand macroeconomic cycles through significant productivity improvements and market share gains. As a result, turnover has increased from €94m in 2010 to a 2015 forecast of €155m and the EV has nearly doubled during Equistone’s investment period.

Working closely with the management team, Equistone has supported Stella Group’s plans for further growth and the development of its product offering with the:

  • Purchasing of Profalux’s real estate in June 2011, which expanded production capacity.
  • Acquisition of Eveno, in western France in June 2012, which expanded its footprint outside the southeast of France, broadened its product offering and diversified its distribution channels.
  • Hiring of a group CFO in October 2012.
  • Refinancing of the group’s initial debt package in April 2014.
  • Significant investment in the three businesses to develop capacity and improve productivity through best practice sharing.

THE EXIT

Equistone completed the sale of its Fund III investment in the group to ICG.

HOLDING PERIOD

Jun 2010 - Jul 2015

Country

France

Business Description

Construction & Materials

Revenue Progression

€94m / €155m

Employees at ACQ.

260

Investment Type

Secondary MBO

In addition to the very high quality of Stella’s management team, the key success factors have been the strength of the business model combined with a constructive partnership between the management team and Equistone Partners Europe.

ADD-ON ACQUISITIONS

Eveno
Jun 2012