On May 4th, 2011, Astorg completed its acquisition of the entire capital of the French group Saverglass from Nixen Partners, Credit Agricole Private Equity, Euromezzanine and the Desjonquères family. The management team and employees of Saverglass will participate up to 12% in the LBO.
The transaction is based on an enterprise value of 335 million euros. The acquisition is subject to the approval of competent regulatory authorities in merger & acquisition monitoring control.
Saverglass produces glass bottles for the high-end premium spirit (vodka, whiskey, cognac ...), fine wine and perfume markets. The Group packages such prestigious products as Grey Goose vodka, Roederer Cristal champagne, Hennessy cognacs, Chivas whiskeys and the Cru La Romanee Conti.
Based in Feuquières (Picardy), Saverglass is the world's market leader of super premium and premium bottles, with a total market share of over 50%. It has three glassmaking production sites: Feuquières, Le Havre and Arques and two decoration sites: Coulommiers and Feuquières.
Directed by Loïc Quentin de Gromard since 1985, the Group has specialized in luxury models and small series over the last 25 years and has since developed a high value-added in-house offer in bottle decoration. Saverglass distinguishes itself by its ability to develop innovative products regularly as well as being at the forefront of glass decoration. Its R & D department has no fewer than 25 people employed full time who are supported by employees from the production department who are occasionally involved in the product innovation process.
Saverglass, which employs nearly 2,200 people, is expected to generate a turnover of 330 million euros in 2011, 45% of which will come from exports. EBITDA is forecast at 73 million euros.
Loïc Quentin de Gromard, President of the Saverglass Group, said "We are very satisfied with the outcome of the acquisition process. It falls to Astorg Partners, funds from which we find a genuine desire to understand our business model with the ability to engage in complex industrial issues alongside us. The crisis is now behind us. We are facing very strong and sustained demand that now requires us to examine, without delay, the means we need to implement in order to meet the new and more demanding expectations of our customers."
Joel Lacourte, founding partner of Astorg Partners, added "We decided to invest in Saverglass because the company comprises the characteristics we favor in the Astorg investment strategy: an aggressive development policy being carried out successfully, that has made the company the world leader in its market within two decades, innovative BtoB products, unparalleled expertise and an outstanding management team with a true vision. Our goal now is to accompany the Group in pursuit of its strategic priorities that are internal growth and innovation, leading to, in the short-term, funding for a new production capacity."
12 May 2011