Acquisition of Gerflor by Cobepa (majority investor), along ICG and Credit Mutuel Equity
FR
BE
Sycomore Corporate Finance acted as the sole financial advisor on the transaction
In February 2020, Cobepa, an established Belgian investment holding company, announced the signing of the acquisition of Gerflor, a global manufacturer and distributor of flooring solutions and interior finishes.
Following the transaction, ICG will retain a significant minority stake in the Company.
Rationale
Gerflor is a global manufacturer and distributor of decorative and eco-responsible solutions for flooring and interior finishes. The Company is a multi-specialist that combines specific expertise (including residential flooring, sport flooring, transport flooring…) under several brand names (e.g. Mipolam, Taralay, Taraflex…). Gerflor counts 4,000+ employees and distributes its products in 100+ countries.
Since its acquisition by ICG in 2011, the Company has more than doubled its revenues and generated a turnover of ca. €1.0bn in 2019. This performance is the result of a dynamic organic and external growth strategy, including acquisitions in Europe and the United States, that Gerflor aims to maintain and accelerate under Cobepa’s ownership.
Cobepa is an independent, privately-held investment company backed by European family shareholders and managing a diversified investment portfolio valued at around €2.6bn. Cobepa invests in established companies with a solid business model, sustainable market position and strong management team. Other important criteria relate to the capacity to generate cash flow, international presence and development potential. Cobepa takes minority positions in unlisted companies with a medium to long term investment horizon, as well as majority stakes in buy-out transactions.
ICG is a global alternative asset manager with over 30 years’ history and manages €43bn of assets (as of 31-Dec-19) in third party funds and proprietary capital, principally in closed-end funds. The Company combines expertise across the capital structures and operates across four asset classes – corporate, capital markets, real assets and private equity solutions.
Credit Mutuel Equity is the private equity division of Credit Mutuel Alliance Federale.
For 40 years, the Company has been supporting business leaders by providing equity at all stages of their companies’ development, from seed phase to buyout. Credit Mutuel Equity has deep regional roots in France as well as a strong presence in North America (Canada, USA) and Europe (Germany, Switzerland), allowing companies to tap into new sources of growth. The Group manages €3bn of assets, including investments in 350 companies through venture capital, growth capital and buyouts.