Hivest Capital 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.”
About FACE SA
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.
About Hivest Capital
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
Investor – Hivest Capital Partners: Axel Bonnassies, Cédric Lépée, Barthélemy Grave, Lucille Chalaoux
Debt raising – Edmond de Rothschild: Gregory Fradelizi, Nicolas Levy
– 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
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, firstname.lastname@example.org