HOLDING TOMÉ takes majority stake in DURALEX

Cédric Meston and his group Tomé took control of the assets of Duralex, the French tempered glass manufacturer placed in judicial administration on 1 June, after the Orléans commercial court chose their offer over a competing bid from the Saint-Étienne-based Carlesimo group. The deal was structured as an asset purchase, transferring the business into a new company, with the buyer committing to keep 155 of the 219 employees, against 125 in the rival proposal. Duralex generated revenue of €25–50M but was loss-making, and the liabilities left behind were reduced to a residue corresponding to a carbon debt dating from 2020. Tomé planned to inject fresh capital into the company, combining public funding from the state and the metropolitan authority with private financing from Tomé itself, from Cédric Meston’s network, and from inventory financing and factoring arrangements supported by Wavo and Eurofactor. Xavier Niel, through his holding NJJ Capital, had invested in Tomé and backed the offer. After the transaction, Duralex’s capital was held entirely by Tomé and the management team, with Silham El Kasmi, formerly of Saint-Gobain, appointed chief executive and Christophe François, previously a McKinsey consultant, joining the board. The new owners set a target of a 10% EBITDA margin and a return to profitability across 2027, through an overhaul of the industrial model and commercial synergies with Tupperware’s European sales teams. An electric furnace was planned for 2028 or 2029 to decarbonise production and put an end to the carbon credits the company was buying each year. The price of gas remained an uncertainty, as Duralex had no hedge in place for 2027.