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10/2016

VULCANIC acquired by QUALIUM

FRANCE Industrial Equipment / Special Machinery / Boilers & Thermal Solutions EV €100–350M

Context

The transaction represents the fourth LBO for Vulcanic, following its five-year tenure under Abénex and Cathay Capital. The strategic rationale for this buyout centers on accelerating the group’s international footprint, particularly in high-potential regions such as the Middle East and Southeast Asia. The acquisition provides a structured platform for the group to transition from a dominant European player to a truly global consolidator in the electro-thermal market. This operation allows the group to execute a definitive structural expansion into the North American market through targeted acquisitions, while simultaneously reinforcing its presence in the Middle East through its newly established office in Abu Dhabi. By leveraging Qualium's international network and the institutional backing of Future French Champions, the group is positioned to capture large-scale petrochemical and energy projects globally. The maneuver also included a "flexible" debt package to ensure the management team has the necessary capital for future build-up opportunities.

It is worth noting that the fund Abenex took control of Vulcanic through an LBO in 2011.

VULCANIC, which reported an EBITDA margin of [members only] in 2015, 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).

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Target

Founded in 1973, Vulcanic has established itself as a global leader in the design and manufacture of electrical heating and cooling systems for industrial applications. The company specializes in delivering solutions for critical environments across a highly diversified range of sectors, including energy, transportation, oil & gas, and food processing. With a workforce of approximately 650 employees and a network of nine industrial sites across France, Germany, Spain, and Australia, the group serves over 30,000 customers worldwide.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2015
€50–100M
[members only]
[members only]
2014
€50–100M
[members only]
[members only]

Other operations with VULCANIC

Other operations with VULCANIC

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
07/2022SPIRAX-SARCO ENGINEERINGVULCANICFRANCEBoilers & Thermal Solutions
07/2011ABENEXVULCANICFRANCEBoilers & Thermal Solutions

REFERENCES

Valuation range: EV €100–350M

Revenue range: €50–100M

EV/Revenue range: 1x - 3x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of VULCANIC by QUALIUM 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.

Acquirer: qualium