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Apr. 2022
LBO Mid Cap

LBO France announces the sale of Crouzet to Tikehau Ace Capital, along with Bpifrance and Société Générale Capital Partenaires

Tikehau Ace Capital, along with Bpifrance and Société Générale Capital Partenaires entered into exclusive negotiations with LBO France for the acquisition of CROUZET

Paris and Valence – April 4, 2022

Tikehau Ace Capital, along with Bpifrance and Société Générale Capital Partenaires, have entered into exclusive negotiations with LBO France to acquire 100% capital of CROUZET, a specialized manufacturer of mechatronic components for demanding markets such as Aerospace and Defense, Automotive, Industrial, Medical, Railway and Energy.

 Founded in 1921, CROUZET is an independent manufacturer of mechatronic components with €160m in turnover. Based in France with a strong industrial & commercial presence in Europe, North America and Asia, CROUZET is the preferred partner for major players in highly demanding industries.

With over 100 years of experience, CROUZET has developed long-standing relationships with Tier 1 customers in the aerospace, automotivee and transportation industries and is present on key OEMs platforms such as A320, A350, B737MAX, Rafale, H-145 orH-160.

CROUZET has built unique industrial capabilities combining high and low series production to fully customized solutions, operational excellence and a territorial and international distribution and deployment network for its products. CROUZET and its c.1, 300 employees have therefore all the required expertise to embrace the technological transformation of the aerospace industry, especially with regards to the development of electrical aircrafts.

This new chapter for CROUZET will focus on further developing proximity with key OEMs, leveraging Tikehau Ace Capital extensive knowledge of the aerospace industry and accelerating external growth through buy and build opportunities in a very fragmented market.

Thomas Boulman, partner at LBO France, said: “CROUZET is a key manufacturer for demanding industries such as transportation, medical, energy or building. The diversity of market applications they serve brings a remarkable robustness in the face of crisis; during which the company growth remains solid – sustained by a strong demand for vehicle electrification, building electrification and machinery electrification.”

 “This project is an excellent opportunity to accelerate our international development. The group, strengthened by the financial power of its shareholders and led by the management team in place, will fast forward the operational & sales excellence deployment to new geographies and markets.” says David Arragon, CEO of CROUZET.

 “CROUZET is a strategic supplier for the French Aerospace & Defense supply chain and a key player to consolidate the electrical & electronic supplier industry; Tikehau Ace Capital is proud to succeed to LBO FRANCE as controlling shareholder and to accompany CROUZET in this new growth chapter.” said Marwan Lahoud, Executive Chairman and Franck Crépin, Managing Director – Tikehau Ace Capital.

“As an active shareholder, we are very pleased to partner with Crouzet in its new development phase alongside Tikehau Ace Capital and Société Générale Capital Partenaires. We are fully convinced of the group’s strategic positioning and of the management team’s ability to deliver ambitious growth objectives.” add Eric Lefebvre, Managing Director and Samuel Dalens, Investment Director – Bpifrance Large Cap.

“We are also delighted to support this new stage of Crouzet’s development, driven by an experienced management team and supported by a trio of investors particularly suited to the strategy presented,” says Cédric Camy-Debat, Investment Director – Société Générale Capital Partenaires.

The transaction remains subject to satisfaction of customary signing and closing conditions, and the parties expect to close mid-2022.