THE REEFER GROUP (TRG) acquired by ARKEA CAPITAL, IDIA CAPITAL INVESTISSEMENT & EPOPEE GESTION
Context
Arkea Capital, the Credit Agricole Group, and Epopee Gestion acquired a combined majority stake (over 50%) in The Reefer Group from Amundi PEF. A pool of eleven other minority financial investors retains approximately 30% of the capital. The transaction also includes a significant reinvestment by the management team which now includes 63 managers holding around 19% of the shares. The deal was supported by a senior debt package with a leverage between 3.0x and 3.5x EBITDA. The strategic rationale is to double the group's size within the next five years, primarily through an aggressive international external growth strategy, building on the recent acquisition of Paneltex and the group's leadership in the customized refrigerated transport market.
THE REEFER GROUP (TRG), which reported an EBITDA margin of in 2025, 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 (11.6x).
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Target
The Reefer Group is a European leader in the manufacturing of refrigerated trucks and trailers. It operates through three main subsidiaries: Chereau and Aubineau Constructeur in France, and Sor Iberica in Spain. The group specializes in high-quality, customized refrigerated solutions for the transport industry. Recently, the group expanded its footprint by acquiring the British competitor Paneltex. With approximately 1,200 employees and a strong focus on decarbonization and fleet innovation, the group serves a growing market driven by specialized logistics and regulatory shifts toward sustainable transport solutions.
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Historical Financials (EUR)
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REFERENCES
Revenue range: 250M - 500M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: the reefer group (trg)
Acquirer: epopee gestion / idia capital investissement / arkea capital