Face, backed by Hivest Capital, will acquire EPC Solaire, a leading player in the French photovoltaic market
Paris, Périgny-sur-Yerres and Saint-Genis-les Ollières, March 15th, 2022
EPC Solaire, a designer, manufacturer and installer of photovoltaic panel mounting solutions for flat roofs and parking shelters, is to join Face, one of the French leaders of the building envelope market (insulation, waterproofing, cladding). This is Face’s first external growth operation since its acquisition by Hivest Capital Partners in July 2021. This strategic acquisition allows Face to become a leading player of the photovoltaic market for non-residential buildings and to address new challenges arising from the environmental transition.
Founded in 2010 by its two current directors, EPC Solaire has developed innovative mounting systems for photovoltaic panels (iNovaPV and iNovaPark) which are protected by patents. The Lyon-based company has also developed a turnkey-project activity including consulting, engineering, procurement and construction services for photovoltaic power plants which are installed on flat roofs or over parking spots.
As Face and EPC Solaire address the same type of buildings and as Face is already a client of EPC Solaire, the business combination will generate significant commercial synergies. It will allow them to offer an extensive range of photovoltaic services to their customers and to develop new markets by combining the know-how of both entities.
Olivier Klein, Face’s CEO: “We are delighted to welcome EPC Solaire within the Group. Its expertise in a fast-growing sector and the quality of its teams will be differentiating factors for meeting our customers’ expectations.”
Jean-Paul Bousquet, EPC Solaire’s Managing Director: “We were convinced by the significant growth potential created by the combination of our two groups which share the same culture and values.”
Barthélemy Grave, Hivest Capital’s Director: “This strategic acquisition marks a major achievement for Face’s development. It illustrates Hivest Capital’s expertise in building national champions.”
The operation enables Garibaldi Participations (a minority shareholder since 2019) and Gerard Chaleyssin (co-founder of the company) to exit from the capital. Jean-Paul Bousquet, who also co-founded the company, will continue to manage EPC Solaire and will take over the supervision of the development of the photovoltaic activity within Face.
Founded in 1979 by Yves Torres, Face is a French company specializing in the design and installation of insulating, waterproofing, roofing and cladding solutions on non-residential buildings. The company has diversified through the development of ancillary activities such as aluminium facades, steel structures or maintenance and services. It benefits from a strong brand image and national geographic coverage through its 24 subsidiaries with a high level of autonomy.
About EPC Solaire
Founded in 2010 by Jean-Paul Bousquet and Gérard Chaleyssin, EPC Solaire is a designer and manufacturer of innovative proprietary photovoltaic panel mounting solutions for waterproofed flat roof and parking shelters. The company is well recognized by most of the photovoltaic power plant developers in France, but also more widely in its ecosystem of building owners and waterproofing contractors.
About Hivest Capital
Hivest Capital is an independent French private equity firm approved by the Authorité des Marchés Financiers. Hivest Capital invests in French SMEs or mid-cap companies with a turnover between 20 and 500 million euros, in the context of buyout or capital expansion projects. Hivest Capital’s objective is to help companies reach their full potential by implementing ambitious growth strategies and improving operational performance.
List of Parties Involved:
Company – Face: Olivier Klein, Patrice Foucault, Jean-Claude Joly, Frédéric Torres
Investor – Hivest Capital Partners: Axel Bonnassies, Cédric Lépée, Barthélemy Grave, Lucille Chalaoux
Legal counsel – CPC & Associés: Jean-Yves Connesson, Paul Nafilyan, Paul Marsal
Intellectual Property counsel – Plasseraud IP: Christophe Jolly, Charlotte Montaud
Tax Due Diligence – CJA: Jean Goncalves
Financial Due Diligence – Advolis Orfis: Damien Bourg, Xavier Nicolas, Gabriel Biabaud
Target – EPC Solaire: Jean-Paul Bousquet, Gérard Chaleyssin
Investor – Garibaldi Participations: Yvan Noble
M&A Advisor – DDA & Company: Alexandre Odin, Anthony Wimbush, Charles-Antoine Cayez
Legal counsel – Horace-Avocats: Loic Richard du Montellier