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03/2021Majority

Chequers takes majority stake in Alliance Etiquettes

FRANCE Chemicals & Materials / Packaging & Containers / Labels & Adhesives EV €100–350M

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.

This platform was built through multiple acquisitions, including Groupe Etienne (2018) and 5 Sept Etiquette (2020), illustrating an active consolidation strategy.

Alliance Etiquettes, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average observed in the Industry & Manufacturing sector (11.4x in 2021).

-> Deep-dive in Industry & Manufacturing market trends

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

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2020
€50–100M
€10–30M
[members only]
2019
€50–100M
€10–30M
[members only]

Other operations with Alliance Etiquettes

Other operations with Alliance Etiquettes
DateAcquirerTargetCountrySector
12/2024ALLIANCE ETIQUETTESGRUPPO SAMORANIITALYLabels & Adhesives
03/2020ALLIANCE ETIQUETTES5 SEPT ETIQUETTEFRANCELabels & Adhesives
02/2018ALLIANCE ETIQUETTESGROUPE ETIENNEFRANCELabels & Adhesives
01/2016ALLIANCE ETIQUETTESIMPRIMERIE MAUMYFRANCELabels & Adhesives
12/2015ALLIANCE ETIQUETTESNS ETIQUETTESFRANCELabels & Adhesives

Other operations with Chequers

Other operations with Chequers
DateAcquirerTargetCountrySector
03/2026CHEQUERSGROUPE ASERTIFRANCEIndustrial Services
10/2025CHEQUERSCONFORMGESTITALYInsurance
03/2021CHEQUERSESTYAFRANCESecurity & Guarding
12/2016CHEQUERSALKERNFRANCEConstruction Materials

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11/2020CRODA INTERNATIONALIBERCHEM GROUPSPAINFlavors & Fragrances
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REFERENCES

Valuation range: EV €100–350M

Revenue range: €50–100M

EBITDA range: €10–30M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Alliance Etiquettes by Chequers are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: alliance etiquettes

Acquirer: chequers

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Alliance Etiquettes, a French company specialised in Packaging & Containers, by Chequers in 2021.

How was the acquisition of Alliance Etiquettes by Chequers valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Alliance Etiquettes’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Alliance Etiquettes generated annual revenue estimated in the €50–100M range and EBITDA in the €10–30M bracket (FY 2020). Detailed financial figures are available to members.

How does the valuation of Alliance Etiquettes compare to benchmarks in the Industry & Manufacturing sector?

With an estimated multiple range of 10x - 18x, the transaction stands directly in line with historical averages for the Industry & Manufacturing sector (11.4x in 2021).

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

What is mynth?

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