GROUPE ETIENNE acquired by ALLIANCE ETIQUETTES
Context
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.
By taking control of Groupe Etienne, Alliance Etiquettes continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Imprimerie Maumy in 2016.
GROUPE ETIENNE, which reported an EBITDA margin of in 2017, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Industry & Manufacturing sector (11.8x).
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Target
Headquartered in Doue-la-Fontaine (Maine-et-Loire), Groupe Etienne is a major French player in the adhesive label market. Before the transaction, the group operated six Corporate production sites across Western France (including SFEA in the Sarthe region) and employed 150 people. It had successfully executed its own growth strategy following a management buyout in 2011, establishing a strong reputation in the wine and agri-food sectors. The group generates annual revenues of approximately EUR20 million.
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REFERENCES
Revenue range: 10M - 30M EUR
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Acquirer: alliance etiquettes