Home Database Industry & ManufacturingFlex Composite Group

07/2023100%

Flex Composite Group acquired by Michelin

FRANCE Chemicals & Materials / Material Transformation / Plastics EV €500M–1.5bn

Context

Michelin has successfully completed the acquisition of 100% of the share capital of Flex Composite Group (FCG) from the investment firms IDI and Andera Partners. This transaction is a cornerstone of Michelin's strategy to expand its "High-Tech Materials" division beyond tires. By integrating FCG, Michelin creates a new powerhouse in polymer composite solutions, unlocking deep innovation synergies. FCG's expertise in engineered fabrics and films perfectly complements Michelin's own R&D capabilities, allowing for cross-fertilization in product development for sectors like electric mobility and sustainable construction. The deal is expected to increase the revenue of Michelin's High-Tech Materials business by approximately 20% and is accretive to the group's margins.

Flex Composite Group, which reported an EBITDA margin of [members only] in 2022, 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 (11.1x in 2023).

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Target

Headquartered in France, Flex Composite Group (FCG) is a European leader in the design, manufacturing, and distribution of high-tech engineered fabrics and technical films. The group operates through three key divisions: Engineered Fabrics, Composite Materials, and Technical Films. FCG s products are used in highly demanding, technical environments across a variety of niche sectors, including marine (inflatable boats), supercars and electric vehicles, sports and leisure, and construction. The company masters a wide range of polymer composite solutions (PVC, TPU, Hypalon, etc.) and is known for its customized, high-performance applications. At the time of the deal, FCG employed approximately 400 people and had achieved significant organic growth driven by strong demand in its premium end-markets.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2022

2021

Other operations with Michelin

Other operations with Michelin
Date	Acquirer	Target	Country	Sector
02/2026	MICHELIN	FLEXITALLIC GROUP	UNITED STATES	Components
03/2018	MICHELIN	FENNER	UNITED KINGDOM	Plastics

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REFERENCES

Valuation range: EV €500M–1.5bn

Revenue range: €150–250M

EBITDA range: €50–100M

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 Flex Composite Group by Michelin 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.

Press release: view release

Target: flex composite group

Acquirer: michelin

FAQ

What transaction does this page cover?

This page covers Michelin’s acquisition of 100% of Flex Composite Group, a French company specialised in Material Transformation, in 2023.

How was the acquisition of Flex Composite Group by Michelin valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €500M–1.5bn 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 Flex Composite Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Flex Composite Group generated annual revenue estimated in the €150–250M range and EBITDA in the €50–100M bracket (FY 2022). Detailed financial figures are available to members.

How does the valuation of Flex Composite Group 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 (11.1x in 2023).

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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