Activa Capital has sold its majority stake in Alliance Etiquettes, a French specialist in premium label printing, in an MBO organised by Chequers Capital. Activa Capital will reinvest in the new operation.
Founded in 2015 by Olivier Laulan and Activa Capital with the acquisition of Imprimerie Laulan, the Alliance Etiquettes group has become in just five years one of the leaders in high-end labelling solutions in France, addressing more than 4,000 customers in the wine, spirits, food, cosmetics or industrial segments.
Based in Floirac (Southwestern France), the Alliance Etiquettes group was built on an active acquisition strategy with the integration of eight highly complementary build-ups that enabled the group to increase its territorial coverage, diversify its activities and consolidate a highly fragmented market.
Since Activa Capital’s entry, the group’s turnover and EBITDA have increased by more than 8x and 7x respectively. The platform now has more than EUR70 million in revenues for 406 FTEs and is forecasting strong prospects for FY21.
By reinvesting alongside Chequers Capital, the Group’s new reference shareholder, Activa Capital is joining Alliance Etiquettes’ European growth and consolidation ambitions.
Olivier Laulan, Chairman of the Alliance Etiquettes Group, says: “I am very proud of the progress we have made over the past five years in partnership with Activa Capital, and I am delighted that our collaboration will continue with this new round of financing. The arrival of Chequers Capital will give Alliance Etiquettes the means to achieve its ambition: the continuation of its growth and consolidation project in France and Europe.”
Christophe Parier and Alexandre Masson, Managing Partners of Activa Capital, adds: “Activa Capital has completed one of the most successful transactions in its history with the sale of Alliance Etiquettes, a project that is emblematic of its investment strategy since 2015. Based on our in-depth knowledge of the Group and its market, and convinced of its growth prospects, we decided to reinvest as minority shareholders via our new ACF IV fund alongside Olivier Laulan and Chequers Capital, sharing their objective of becoming an undisputed leader in the European label market within five years.”
