SIA in tertiary buyout

Home decoration company SIA has landed in private equity hands for the third time in a tertiary buyout from 3i. Industri Kapital has acquired the business for an undisclosed amount.

3i led the €80m secondary buyout of SIA from Chequers, formerly Charterhouse France, in December 2001 and injected E29.3m into the business.

Chequers invested in the first management buyout in January 1998, purchasing a 95.1% stake in the business from Electrolux AB for around FFr243m.

Established in 1963, SIA was named after its founder Sonia I Anderson. The group initiated its expansion drive in the 1980s and has enjoyed substantial growth over the past ten years. Headquartered in France, the SIA Group distributes its products in 30 countries across Europe, the US and Japan. Its distribution network increased from 127 points of sale in 1999 to 361 in 2004 (including 30 exclusive boutiques). The group has approximately 450 employees and an estimated 2005 turnover of approximately E130m.

Guy Zarzavatdjian, managing director of 3i France, said: “This transaction is a strong

achievement for SIA. It allows us to materialize the progress made with SIA since December 2001. The 50% increase in turnover and profitability of the company has been achieved via the two development paths which we defined with management when we made the investment; international growth including some acquisitions and the strengthening of the brand.”