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← DATABASE
07/2022

CHAINES ET CIE

Acquired by

AMF GROUP

FRANCE Luxury Goods / Luxury Supply Chain REV 5M - 25M EUR

Context

The transaction involves the acquisition of Chaines et Cie by AMF Group, a portfolio company of Alpha Private Equity, from the owner Frédéric Dreyfus. Following the group's standard acquisition model, Dreyfus will reinvest a portion of the proceeds into the AMF Group and continue to lead the French operations as a manager. This deal is highly strategic as it marks AMF's first major international expansion into France, creating the first pan-European player in the luxury accessories sector. The rationale is based on the strong industrial complementarity between Chaines et Cie’s French artisanal heritage and AMF’s Italian technological scale. By combining these entities, the group can offer luxury houses a dual-sourcing strategy (Italy and France) under a single management umbrella. The acquisition follows closely on the heels of the Italcatene deal, signaling a clear intent to dominate the specialized "chains" category within the luxury hardware market. Post-acquisition, the consolidated group expects to reach a critical scale with forecasted annual revenues exceeding €120M.

CHAINES ET CIE, which reported an EBITDA margin of LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Retail & Consumer sector (11.3x).

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

Chaines et Cie is a historic French manufacturer specializing in the creation of high-end chains and custom jewelry for the global luxury industry. Based in Aubigny, the company is the legacy of four generations of goldsmiths, maintaining a unique artistic heritage that positions it as a key partner for iconic fashion houses such as Chanel and Hermès. The business model is centered on the "Chaînothèque," an extensive private archive of chain designs that serves as a creative resource for luxury brands' new collections. The company specializes in working with precious and semi-precious metals, including gold, silver, and stainless steel, utilizing traditional handmade techniques alongside modern industrial processes. By focusing on the "Made in France" label and artisanal excellence, the firm provides bespoke hardware solutions primarily for the leather goods and jewelry segments. Its role in the supply chain is that of a specialized Tier 1 supplier, known for its ability to combine historical design references with contemporary quality standards and technical innovation.

Ent. Value

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Equity Value

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Multiples

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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EBITDA
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2021
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2020
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Other operations with CHAINES ET CIE

REFERENCES

Revenue range: 5M - 25M EUR

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Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).