Completed Deals

2005:     Tec Air     Ardea                                                                                                                                      French

TEC AIR        Merger in the precision mechanic industry - MIND acquires the TEC AIR Group

In the first half of 2005, GPF & Partners advised the shareholders of SB Finance, the holding company of the TEC Air Group of Companies that specialises in the precision manufacturing of metal parts for the aerospace and power generating industries, in their sale to MIND, the holding company controlled and managed by Mr. Guy Amblard.

The acquirer was advised by Mr. Jean Pierre Chauvet of the Lyons practice of Affaires Conseil.

MIND is a young and fast growing group of companies specialising in the manufacture of mechanical parts in small-to-medium series. Its clients are manufacturers of machinery for the capital goods industry. Its three industrial production sites are based around the French city of Valence (26) while TEC AIR’s are based in the Paris Region (95) and in Burgundy.

The acquisition of the TEC AIR Group brings to MIND a broad geographical diversification and strong industrial synergies. The combined sales of the Group is expected to exceed 13 M€ in 2006.

The acquisition was largely financed internally and should therefore enhance the profitability of both sides of the Group.

ARDEA           In October 2004, GPF advised the sellers in the constitution of  ARDEA and its subsequent acquisition of the operating assets of NPL, a metal cutting and stamping group based in the French Ardennes.

Three institutional investors, Banque Populaire Développement, EUREFI and IRPAC, will have 40 % of the capital of ARDEA and the managers 16 %, while the president Jacques de Saint Gilles and his family retain 44 % of the shares. Crédit Lyonnais and Banque Populaire du Nord are providing the senior debt.

NPL is a fast growing and highly profitable group with estimated 2004 sales above € 45 Million, up 15% from 2003, and estimated net profit after tax of 3.5M€, up 50% from 2003.

This transaction provides the group with additional management depth and financial strength that will allow growth to accelerate through geographical diversification, in France and elsewhere in Europe: 

-     Laser manufacturing was started in 2004 in a new unit in the Ardennes which is already operating at full capacity; new addition of laser machinery is contemplated in order to accommodate the increasing demand in 2005.

-    Production is expected to start in the first half of 2005 at the new Slovakian subsidiary, with a substantial order backlog already in hand. Prospective 2006 sales should exceed € 5 Million.

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