mynth
08/2019

SIPAREX takes majority stake in CLAYENS GROUP

FRANCE Chemicals & Materials / Material Transformation / Plastics REV 250M - 500M EUR

Context

The August 2019 transaction represents a complex corporate carve-out of Sintex NP from its listed Indian parent conglomerate, Sintex Industries, effectively repatriating the company’s ownership and governance into a domestic private sponsor-backed structure. This primary LBO is led by Siparex ETI 4 alongside its financial co-investors and features a substantial management equity reinvestment from a tier of twenty key corporate executives led by CEO Eric Pisani, ensuring complete operational alignment and leadership stability. The ownership transition is driven by the parent company’s strategic mandate to divest its high-performing European manufacturing division to alleviate liquidity pressures and optimize its domestic balance sheet. The capitalization of the transaction is supported by a comprehensive senior secured credit facility arranged and underwritten by a banking syndicate led by CACIB, which replaces the target's historical intra-group financing lines and establishes independent balance sheet flexibility.

CLAYENS GROUP, which reported an EBITDA margin of LOGIN in 2018, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Industry & Manufacturing sector (11.6x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Headquartered in Genas, France, Clayens Group is an outsourced contract manufacturer specializing in high-performance polymers, advanced composites, and precision metals. The company operates a manufacturing footprint of 25 facilities across Europe, North Africa, and North America, delivering high-specification components processed through thermoplastic and thermoset injection, metalloplastics, and precision metal machining. Revenue is generated from blue-chip multinational original equipment manufacturers and tier-1 suppliers in the aerospace, automotive, healthcare, electronics, and construction sectors. Client engagements are structured under multi-year procurement agreements tied directly to individual customer product lifecycles, with initial customer acquisition locked in during early-stage collaborative research and development and rigorous technical component qualification phases.

Ent. Value

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Multiples

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

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2018
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2017
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Other operations with CLAYENS GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
DateAcquirerTargetCountrySectorDeal Context
07/2022ONE EQUITY PARTNERSCLAYENS GROUPFRANCEChemicals & Materials

The acquisition of a majority stake in Clayens Group by One Equity Partners marks the exit of the previous majority shareholder, Siparex, which alongside existing co-investors and the incumbent management team led by CEO Eric Pisani, will reinvest as minority partners to maintain corporate continuity. Under Siparex’s stewardship since 2019, the group scaled its operations from €273 million to over €350 million in trailing twelve-month revenue, primarily driven by the execution of four strategic add-on acquisitions that expanded its geographic and technological footprint

09/2020CLAYENS GROUPPSB INDUSTRIES (HEALTHCARE & INDUSTRY)FRANCEChemicals & Materials

This operation represents the first programmatic bolt-on acquisition executed by Clayens NP since its primary sponsor-backed buyout, designed to accelerate the platform’s diversification into highly resilient and high-margin healthcare manufacturing verticals. Negotiated on a proprietary bilateral basis due to long-standing industrial relationships and a previous site acquisition in 2017, the transaction allows the seller, PSB Industries, to complete its strategic pivot toward luxury and beauty packaging while divesting a non-core industrial asset

REFERENCES

Revenue range: 250M - 500M EUR

EBITDA range: 25M - 50M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of CLAYENS GROUP by SIPAREX are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: clayens group

Acquirer: siparex