Hivest Capital Partners has signed a share purchase agreement to become the majority shareholder of FACE SA

Paris, July 1st, 2021 – Hivest Capital Partners S.A.S. (“Hivest Capital”), an independent French private equity firm, has signed an agreement to acquire, alongside the managers, the  group Façade Acier Couverture Etanchéité S.A. (“FACE SA“), a French leader in the building  envelope market. The historical shareholders will keep a minority stake in the group.

Founded in 1979, FACE SA has experienced a continuous growth for more than 20 years in  its core business – design and installation of roofing, cladding, and waterproofing elements for  non-residential construction projects – and new activities. The company generates annual  revenues of more than €250m and employs nearly 650 people.

In association with the historical shareholders and the top managers, Hivest Capital intends to  accelerate the growth of FACE SA in new activities to meet the current challenges of the non residential construction market, mainly related to the environmental transition. This project will  enable FACE SA to reinforce its position as a leader in the building envelope sector by  extending its range of services to address more complex projects and to prepare its future  growth phase.

Frédéric Torres, President of FACE SA: “With the support of Hivest Capital, the  management team, who has already contributed to the development of FACE SA alongside  the Torres family, will be able to pursue the growth path with the development of new activities.” 

Axel Bonnassies, Managing Partner of Hivest Capital: “We are impressed by the group  that Yves and Frédéric Torres, with the management team, have built over the years. FACE  SA is a growing company which has become an industry leader with an excellent reputation.  We are pleased and honoured to partner with Frédéric Torres and the management team to  write this new page in the group’s history together.” 

Barthélemy Grave, Director of Hivest Capital: “We are convinced by FACE’s positioning in  strong markets and by its potential to develop adjacent activities which will address some of  the environmental challenges faced by the construction market in the next decade.” 


Founded in 1979 by Yves Torres, FACE SA is a French family-owned company specializing in  the design and installation of 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.


Hivest Capital is an independent French private equity firm approved by the Financial Markets  Authority. In the context of buyout or expansion capital projects, Hivest Capital invests in the  capital of French SMEs or MidCaps whose turnover is generally between €50 million and €500

million. The private equity firm aims to help companies unlock their full potential through  innovative growth strategies and operational performance improvements.

List of Parties involved

Buy Side 

Investor – Hivest Capital Partners: Axel Bonnassies, Cédric Lépée, Barthélemy Grave, Lucille  Chalaoux 

Debt raising – Edmond de Rothschild: Gregory Fradelizi, Nicolas Levy 

Legal counsel:

– Hogan Lovells – Corporate: Stéphane Huten, Ali Chegra, Florian Tranchecoste,  Maximien Murino, Manon Rochefort 

– Mayer Brown – Financing: Patrick Teboul, Marion Minard 

– CJA – Tax: Jean Goncalves 

– Majj – Social: Julien Boucaud-Maitre 

Financial due diligence – Advolis Orfis: Damien Bourg, Xavier Nicolas, Andrea Pirus Strategic due diligence – Roland Berger: Ambroise Lecat, Matthieu Daumas Insurance due diligence – Aon: Medhi Chehilita 


– BRED: Tanguy Méjat 

– Société Générale: Olivier Amicel 

Sell Side 

Target – FACE SA

M&A advisor – Adviso Partners: Guillaume Capelle, Clara Blandeau, Mathilde Aubry, Xavier  Chapelot, Kheira Mbouyom 

Debt raising – Adviso Partners: Bernard Bullet 

Legal counsel – KPMG Avocats:

– Corporate: Franck Bernauer, Anne Romain-Huttin, Pauline Fartaria – Social: Alban Progri, Albane Eglinger, Constance Mouren 

– Tax: Vincent Berger, Simon Archer 

Financial due diligence – KPMG: Damien Moron, Bertrand Thouvenel, Nicolas Girard 


Hivest Capital Partners: Barthélemy GRAVE, 24 rue de Prony, 75017 Paris,  barthelemy@hivestcapital.com


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