Equistone and Bpifrance / Croissance Rail back Compin's acquisition of Fainsa
Equistone Partners Europe Limited (“Equistone”) and Bpifrance/the Croissance Rail Fund, are providing €10 million to Compin Group (“the Group”) to support the bolt-on acquisition of Fainsa. This acquisition will allow Compin to pursue further growth by enhancing its product range and expanding into new European markets.
Evreux based business Compin is a leading French manufacturer of train and bus seating and interiors. Founded in 1902, the company generates sales of nearly €57 million.
The acquisition of Fainsa, Spain’s leader in train and coach seating with sales of €32 million, will allow Compin to enhance its product offering both on the Spanish market and on other major European markets, such as the United Kingdom and Germany.
This transaction will also help Compin broaden its client base and diversify its range of public transportation seating products, while boosting and optimising the Group’s industrial capacity in Europe.
Pierre Sainfort, CEO of Compin, explained: “This transaction gives Compin a new dimension, with overall sales of approximately €100 million, some 560 employees and four production sites in Europe. Most importantly, it makes Compin a solid mid-cap with a comprehensive and diversified portfolio in public transportation seating and train interiors, thus increasing our clients’ confidence in our company.”
Guillaume Jacqueau, Managing Partner at Equistone Partners Europe, stated: “We have been supporting Compin since 2009 and are pleased to be working with the Group as it enters this new and significant phase of its development. This transaction testifies our fund’s European focus and our contribution to value creation through active participation in the ambitious growth projects of the companies we support, particularly with regard to international expansion.”
Bertrand Finet, Executive Director of Bpifrance, Head of the SME Equity Department, declared: “We are proud of this first investment by the Croissance Rail fund, which highlights our strategy of consolidating and strengthening companies in the railroad industry. We aim to work together with other companies and investors to support the development of French SMEs in the rail sector, so as to allow them to become leading European players in their markets.”
Transaction team and advisers :
Bpifrance Investissement : Alexandre Ossola, Pierre Farin, Philippe Vuarchex
Equistone : Guillaume Jacqueau, Grégoire Schlumberger
Legal Advisor (Compin : King, Wood & Mallesons (Thomas Maîtrejean) Intlaw Abogados (Simone Guaglianone)
Legal Advisor (Bpifrance) : Hoche Avocats (Jean-Luc Blein, Quentin Fournier)
Financial DD : Deloitte (Thierry Queyron, Rémi Barbagianni) Eight Advisory (Eric Demuyt, Christian Berling)