LBO of Groupe Tournaire

Sector(s)
Industrials
Deal type
Sell your business / Buyout / MBO
Date
September 2022
Countries involved
France

Client

Groupe Tournaire offers aluminium and plastic packaging to protect, store and transport sensitive, dangerous and valuable materials all over the world

Deal

Capitalmind has advised the family shareholders of Groupe Tournaire, a leading global player in high-barrier packaging, on the sale of a majority stake to Motion Equity Partners

Parties

Lead team

  • Michel Degryck

    Michel Degryck

    Managing Partner France
  • Nicolas Balon

    Nicolas Balon

    Partner France
  • Christopher Martin

    Christopher Martin

    Vice President France

About the deal

Founded in 1833, Tournaire relies on nearly two centuries of expertise in the design, manufacture and sale of high-barrier packaging solutions, mainly in aluminium (ranging from 15mL to 32L) used to safely store, sample, ship and market high value / noble materials (essential oils, active ingredients, solvents, etc.). The Group has a diversified portfolio of more than 900 clients operating in resilient and dynamic sectors such as pharmaceuticals, flavors & fragrances, agro-chemicals, chemicals and food ingredients. The one-piece technology and high-barrier properties of Tournaire’s aluminium solutions perfectly meet their requirements in terms of performance and recyclability.

Historically rooted in Grasse, the world’s perfume capital, the Group operates there its main production site and benefits from a unique industrial know-how. Tournaire also operates a manufacturing site located in Fragnes (Saône-et-Loire) dedicated to the production of high-barrier plastic packaging as well as sales offices in the United States and Vietnam. Tournaire distributes its solutions in 80 countries worldwide and employs nearly 300 people. In 2021, the Group registered +€90m revenues.

On the eve of Tournaire’s 190th anniversary, the family shareholders appointed Capitalmind to assist them in shaping the best option to provide the Group with additional resources to seize growth opportunities available to the Group, while creating liquidity for some of the family shareholders. The process organized by Capitalmind enabled the family to compare several projects for the future of their Group. Ultimately, the family shareholders decided to team up with Motion Equity Partners, a private equity house familiar with Tournaire’s business & market environment, and experienced in supporting families & entrepreneurs in accelerating growth of their businesses. As a consequence of the transaction, the family shareholders keep a significant shareholding in the Group while Motion Equity Partners becomes majority owner.

What we did

Capitalmind has advised more than forty family shareholders, grouped into 4 different branches, throughout this high-stake project:

  • preparing the transaction (defining possible options, structuring the deal, selecting the most suitable investors to meet the agreed specifications, preparing the marketing material required to lead the discussions, preparing for due diligence),
  • leading meetings with family shareholders (fine tuning expectations, selecting viable projects, explaining the contemplated transaction consequences and the possible reinvestment opportunity),
  • leading discussions with potential future shareholders (explaining family’s expectations, seeking indicative offers, monitoring due diligence phase, and assisting with final negotiations),
  • educating lenders so to pre-arrange the debt-financing for the project, and make bids submitted by future shareholders firmer.

This transaction follows the sale of the Tournaire Equipement business, also advised by our team, 15 months ago. This new deal illustrates not only the expertise of our team in assisting family businesses with their transmission issues, but also our commitment in supporting our clients on the long-term.