Activa Capital has officially launched "Alliance Etiquettes," a strategic build-up platform designed to consolidate the fragmented French market for premium wine and spirits labels. The initiative began with the control acquisition of Imprimerie Laulan in July 2015, followed by the acquisition of Groupe Enes in December 2015. By combining these regional specialists, Activa Capital aims to build a leading national player capable of leveraging industrial synergies and digital printing technologies. The group is led by Olivier Laulan, the former head of the founding entity, and has an aggressive roadmap to acquire further independent competitors to rapidly scale its revenue base.

IMPRIMERIE LAULAN, which reported an EBITDA margin of LOGIN in 2014, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 10.5x average currently observed in the Industry & Manufacturing sector.

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