Read the original CFNEWS article here.
Joffe & Associés (Christophe Joffe, Océane Christman and Clémence Bressolin) advises Avignon Ceramic on welcoming Capza Transition as lead investor. Capza Transition will invest between 10 and 20 million euros to acquire the majority of the company’s shares from the management team.
Five years after completing its first buyout with Adaxtra and Ouest Croissance, who invested around €4 million to acquire a majority stake, the Chérier-based manufacturer of technical ceramic parts and cores is aiming to take the next step with the help of Capza Transition.
The selection process, led by Mazars CF, was won by this small cap fund from the multi-strategy platform, which plans to invest between €10 and €20 million to take control of this SME, in partnership with its management team led by Philippe Coulon.
“The manager examined the two possible scenarios: industrial backing and a second buyout (LBO bis), with the main objective of preserving Avignon Ceramic’s specialized know-how in France and Europe, in order to counter the domination of the main American competitor”, explains Matthieu Boyé, partner at Mazars CF.
Founded in 1870, Avignon Ceramic has undergone a gradual evolution, moving from decorative ceramics to an industrial niche focused on the design of ceramic cores and technical parts. These products are mainly intended for critical applications in engines used in civil and military aeronautics, the power generation sector and the medical field. This Cher-based SME is forecasting sales of 12 million euros this year, with average growth of 10%, excluding the negative effects of the Covid-19 crisis. More than half of these sales are generated in the aerospace sector.
Avignon Ceramic’s objective is to pursue the diversification already begun in turbines for the energy sector, as well as in the medical field. At the same time, the company is studying external growth opportunities. Emmanuel Bonnaud, partner at Capza Transition, which is making its thirteenth investment under its first fund, explains this strategy.
