FLEX COMPOSITE GROUP
Acquired by
MICHELIN
FLEX COMPOSITE GROUP acquired by MICHELIN
Target
FLEX COMPOSITE GROUP
Acquirer
MICHELIN
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 LOGIN in 2022, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN premium to the 10.5x average currently observed in the Industry & Manufacturing sector.
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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
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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)
Other operations with FLEX COMPOSITE GROUP
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