Siparex takes majority stake in Clayens Group

FRANCE Chemicals & Materials / Material Transformation / Plastics REV €250–500M

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 [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Industry & Manufacturing sector (11.7x in 2026).

-> Deep-dive in Industry & Manufacturing market trends

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

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2018

2017

Other operations with Clayens Group

Other operations with Clayens Group
Date	Acquirer	Target	Country	Sector
07/2022	ONE EQUITY PARTNERS	CLAYENS GROUP	FRANCE	Plastics
09/2020	CLAYENS GROUP	PSB INDUSTRIES (HEALTHCARE & INDUSTRY)	FRANCE	Plastics

Other operations with Siparex

Other operations with Siparex
Date	Acquirer	Target	Country	Sector
09/2026	SIPAREX	KOALYS	FRANCE	TIC (Testing, Inspection, Certification)
03/2026	SIPAREX	WINNCARE	FRANCE	Medical Devices
03/2026	SIPAREX	ATK SPORTS	ITALY	Outdoor
01/2026	SIPAREX	123 ELEC	FRANCE	Specialized E-commerce
01/2026	SIPAREX / SOCADIF / BNP PARIBAS DEVELOPPEMENT	NOVAKAMP	FRANCE	Aerospace, Naval & Defense
10/2025	SIPAREX / BPIFRANCE	BRIFER (LA FERROVIAIRE DE LA BRIE)	FRANCE	Railways
04/2025	SIPAREX	NOOUS	FRANCE	Recruitment / Headhunting
03/2025	SIPAREX	LABORATOIRE POLIDIS	FRANCE	Medical Consumables
07/2023	SIPAREX	GROUPE PASSMAN	FRANCE	IT Equipment
05/2023	SIPAREX	SODIKART	FRANCE	Cycling & Micromobility

Similar deals in Chemicals & Materials

Similar deals in Chemicals & Materials
Date	Acquirer	Target	Country	Sector
01/2020	KAMAN CORPORATION	BAL SEAL ENGINEERING	UNITED STATES	Plastics
12/2019	GREEN ARROW CAPITAL	POPLAST	ITALY	Plastic Packaging
07/2019	TEKNI-PLEX	LAMEPLAST	ITALY	Plastic Packaging
04/2019	ALPHA PRIVATE EQUITY	LAMINAM	ITALY	Construction Materials
04/2019	BLACKSTONE	ESSEL PROPACK	INDIA	Plastic Packaging
03/2019	PARCOM CAPITAL MANAGEMENT	247 TAILOR STEEL	NETHERLANDS	Metallurgy / Foundry
02/2019	STIRLING SQUARE CAPITAL	VERESCENCE	FRANCE	Glass Packaging
02/2019	PLATINUM EQUITY	MULTI-COLOR CORPORATION (MCC)	UNITED STATES	Labels & Adhesives
12/2018	ONE MADISON	RANPAK	UNITED STATES	Paper & Cardboard
09/2018	ARCADIA	CASTELLO ITALIA	ITALY	Plastics

REFERENCES

Revenue range: REV €250–500M

EBITDA range: €25–50M

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: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: clayens group

Acquirer: siparex

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Clayens Group, a French company specialised in Material Transformation, by Siparex in 2019, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with One Equity Partners in July 2022 (see the dedicated deal page for details).

What were Clayens Group’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Clayens Group generated annual revenue estimated in the €250–500M range and EBITDA in the €25–50M bracket (FY 2018). Detailed financial figures are available to members.

How does the valuation of Clayens Group compare to benchmarks in the Industry & Manufacturing sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. By way of comparison, in 2026 companies in the Industry & Manufacturing sector are valued at a multiple of 11.7x EBITDA.

What sources support the information on this transaction?

Transaction intelligence is supported by independent reporting from specialized financial publications, alongside a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

mynth is the first free M&A database dedicated to Small & Mid-Cap transactions. We centralize Enterprise Values, revenue multiples, EBITDA multiples and transaction financials that are typically locked behind five-figure subscriptions on platforms like Capital IQ or Mergermarket. On mynth, searching and browsing deals is completely free. Our mission is simple: make professional-grade valuation intelligence accessible to every M&A advisor, independent consultant, Private Equity professional and student, without the burden of expensive annual licenses.