TRACTEL
Acquired by
CINVEN
TRACTEL acquired by CINVEN
Target
TRACTEL
Acquirer
CINVEN
Context
Cinven acquired Tractel from LBO France to leverage its leading market position and scalable distribution network. The investment thesis relied on a combination of organic growth, driven by the post-crisis construction recovery in Europe and the US, and a strategic consolidation play. Given the highly fragmented nature of the "working-at-height" sub-sector, Cinven utilized Tractel as a platform to acquire smaller regional specialists in fall protection and maintenance services, ultimately professionalizing the group's global operations and expanding its high-margin service offerings.
TRACTEL, 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 10.2x average currently observed in the Industry & Manufacturing sector.
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Target
Tractel is a global leader providing critical safety and lifting solutions, specifically engineered for high-stakes working-at-height environments. Established in 1941, the group has built a strong reputation through its proprietary brands like Tirfor (manual hoists) and Tirak (electric hoists), which are industry standards for reliability and durability. Its comprehensive portfolio spans from suspended access platforms and Corporate pulleys to personal protective equipment (PPE) such as advanced harnesses and fall-arrest systems. Operating in a highly regulated safety market, Tractel leverages a massive network of 8,000 Corporate distributors and serves diverse end-markets including construction, infrastructure, energy, and telecommunications across 120 countries.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with TRACTEL
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 08/2022 | ALIMAK | TRACTEL | LUXEMBOURG | Lifting & Handling | Alimak Group acquired Tractel from private equity firm Cinven after a seven-year holding period and allows Alimak to significantly diversify its product portfolio by integrating Tractel's market-leading manual lifting and height safety solutions. The deal creates a highly complementary industrial group with pro forma revenues exceeding EUR570 million. The strategic rationale focuses on cross-selling opportunities across a shared global customer base in construction and infrastructure, while leveraging Tractel's high-margin, recurring aftermarket services to enhance the combined group's overall profitability and resilience. |
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