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ALLIANCE ETIQUETTES

Acquired by

CHEQUERS

FRANCE Chemicals & Materials EV [100m EUR - 500m EUR] 03/2021

Target

ALLIANCE ETIQUETTES

Acquirer

CHEQUERS

Context

Chequers Capital has acquired a majority stake in Alliance Etiquettes from Activa Capital. This transaction marks a highly successful exit for Activa Capital, which had built the group from a small regional player (Imprimerie Laulan, EUR8m revenue in 2015) into a national leader through eight add-on acquisitions. The management team remains invested in the business, and Activa Capital is reinvesting as a minority shareholder to support the next phase of growth. The new ownership aims to double or triple the group's size by pursuing international acquisitions in key wine-producing countries (Italy, Spain, Portugal) and expanding further into the luxury and cosmetics label markets.

ALLIANCE ETIQUETTES, which reported an EBITDA margin of LOGIN in 2020, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a level LOGIN the 10.5x average currently observed in the Industry & Manufacturing sector.

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Headquartered in the Bordeaux region, Alliance Etiquettes is a leading French producer of premium adhesive labels, primarily serving the wine and spirits market (over 80% of sales). The group also has a strong presence in the luxury food and cosmetics sectors, notably through its specialized pewter label business (Applic Etains).

Ent. Value

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Equity Value

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Multiples Analysis

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

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2020
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2019
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Other operations with ALLIANCE ETIQUETTES

DateAcquirerTargetCountrySectorDeal Context
12/2024ALLIANCE ETIQUETTESGRUPPO SAMORANIITALYLabels & Adhesives

Alliance Etiquettes has strengthened its foothold in the Italian market with the acquisition of Gruppo Samorani. This transaction represents the group's second major build-up in Italy, following the purchase of Tonutti Tecniche Grafiche in late 2022. By acquiring the three entities of the Samorani group (Samorani, Etica's, and Procom) from the founding family, Alliance Etiquettes adds approximately EUR12 million in revenue to its top line. The deal marks the group's fourth acquisition in 2024 alone (following Berjon, L’Eperon, and L’Enclos in France) and fits its strategy of consolidating the fragmented Southern European label market. It also diversifies the group's service offering into broader packaging and communication solutions for the Italian food sector.

03/2020ALLIANCE ETIQUETTES5 SEPT ETIQUETTEFRANCELabels & Adhesives

Alliance Etiquettes has completed its eighth external growth operation since 2015 with the acquisition of 100% of the share capital of 5 Sept Etiquette. This strategic transaction significantly reinforces the group's presence in the Southeastern France region (Provence / Rhone Valley), a critical area for premium wine production. The deal integrates a company with unique digital know-how and a complementary client portfolio. While the financial terms were not disclosed, the acquisition adds EUR12 million in revenue to Alliance Etiquettes, further consolidating its position as a market leader. The founder of 5 Sept Etiquette, Patrick Wack, exits the business following this transaction.

02/2018ALLIANCE ETIQUETTESGROUPE ETIENNEFRANCELabels & Adhesives

Alliance Etiquettes has finalized a transformative transaction by integrating Groupe Etienne, a significant competitor based in the Loire Valley. This deal represents a major milestone in the consolidation of the French label market. By combining Alliance Etiquettes' existing operations with Groupe Etienne's six production sites, the new entity becomes the undisputed French leader in wine labels. Under the terms of the agreement, Activa Capital remains the majority shareholder with 60% of the new entity, while the management teams of both Alliance Etiquettes and Groupe Etienne hold the remaining 40%. The financial investors previously backing Groupe Etienne (LT Capital, Sodero Gestion, Alliance Entreprendre) have fully exited their positions.

01/2016ALLIANCE ETIQUETTESIMPRIMERIE MAUMYFRANCELabels & Adhesives

Following the integration of NS Etiquettes, Alliance Etiquettes has finalized its second build-up operation with the acquisition of Maumy. Ideally situated in the Bordeaux region, this transaction reinforces the group's dominance in its core historical territory. Xavier Sinsou, the company's manager, will continue to lead operations at the La Reole site and is expected to acquire a minority stake in the Alliance Etiquettes platform in the near future.

12/2015ALLIANCE ETIQUETTESNS ETIQUETTESFRANCELabels & Adhesives

Alliance Etiquettes has completed its first external growth operation since its formation with the acquisition of 100% of NS Etiquettes. This transaction expands the group's geographical footprint into Brittany, a key region for the French food industry, and diversifies its end-markets beyond wine into general agri-food and spirits. Under the terms of the deal, Bruno Quaesaet, the owner and manager of NS Etiquettes, has sold his entire stake to the platform. Simultaneously, he has reinvested a portion of the proceeds to become a minority shareholder in the wider Alliance Etiquettes group, ensuring management continuity and alignment of interests.

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