Blackstone agrees to acquire Averys from Equistone
Private equity funds managed by Blackstone (“Blackstone”) have agreed, alongside management, to acquire Averys, the leading European manufacturer of customised racking and storage solutions for warehouses, from Equistone Partners Europe (“Equistone”).
Headquartered in Paris, Averys is a European group with 1,700 employees and is involved in the conception, production and installation of storage systems: racks, warehouse automation and metallic furniture.
Juergen Pinker, Senior Managing Director at Blackstone, said: “We are delighted to have the opportunity to invest in Averys and to partner with its outstanding management team. It has developed a market-leading offer in a sector with huge potential driven by the growing demand for warehouse space fuelled by the move to e-commerce and automation. Averys’ leading position in its markets will enable the company to continue growing both organically and through M&A. We look forward to working with management to capitalise on its success.”
Jos de Vuyst, Chief Executive of Averys, said: “We are extremely excited by the opportunity of a new partnership with Blackstone and have been impressed by their ambition and approach. With their support, we will continue to expand the business, both organically and through acquisitions as we have done over the past three years with Equistone.”
Guillaume Jacqueau, Managing Partner at Equistone, added:“We are proud to have been a strategic partner for Averys during an important period of the company’s development. Averys’ management has done a fantastic job, having expanded the product offer and grown into new markets via internal and external growth. We are confident that Averys is well positioned to continue to consolidate its leadership position going forward.”
Completion of the transaction is expected in the third quarter of 2018 and is subject to the customary social procedures and approval by the relevant antitrust authorities.