Groupe Plastex in secondary buyout

French buyout house Initiative et Finance has realised its investment in Groupe Plastex, a manufacturer of motorcycle clothing and accessories, via a secondary buyout transaction. Perfectis Private Equity has invested €5.5m to acquire a 55% stake in the group. Initiative et Finance acquired its 35% stake in the business for an undisclosed sum in November 1999.

Sales in 2003 are forecast to reach €20m with an EBIT margin of 15%. The management team, led by chief executive Olivier de Roaldès, will concentrate on overseas expansion, in particular to Italy, Germany and the UK and expanding the product range in France.

Laurent Vallée, responsible for the investment at Perfectis, says: “Groupe Plastex is exactly the type of investment targeted by Perfectis. It is a business which has a strong niche market position, has historically produced consistent and profitable growth, has an experienced management team and was looking for a supportive shareholder in order to achieve its growth objectives both in France and internationally.”