Private equity firm The Carlyle Group has submitted a fully financed firm bid to Rocco Giannoni and Joseph Le Mer for the acquisition of Giannoni France, the Brittany-based manufacturer of stainless steel heat exchangers.
The offer has been made in association with Joseph Le Mer, who will retain a 35 per cent stake in the group and remain as chief executive.
Through this partnership, Le Mer and The Carlyle Group are committed to support Giannoni France in developing energy-efficient products while growing its international presence outside Europe.
Established in 1993 by Le Mer and Giannoni, Giannoni France sells its heat exchangers to the major gas boiler manufacturers in Europe and the US. The company plays a key role in developing energy efficient heating systems, with a strong focus on sustainability. Gianonni’s products facilitate reduced energy consumption, costs and greenhouse gas emissions.
Benoît Colas, managing director at The Carlyle Group, says: “Gianonni has demonstrated unparalleled technological innovation and a fundamental commitment to sustainability, safety and reliability. We are confident in the continued high growth potential of the company due to opportunities in growing markets, such as Eastern Europe and Russia, and new product developments. Under the excellent leadership of Joseph Le Mer and Rocco Giannoni, the company has developed an outstanding reputation for top quality products and we look forward to supporting Gianonni through its next phase of development and expansion.”
Le Mer adds: “We are exceptionally proud of Gianonni’s achievements over the past 17 years and believe Carlyle’s institutional support will facilitate our plans for expansion and further enhance the world class products we manufacture. Gianonni has diversified and evolved to become a leading player in this particularly specialised market. We are delighted to have found in Carlyle an investor, whose global resources and sector expertise will help propel us forward as we continue to grow and consolidate our position as the leading manufacturer in this niche.”
Equity for this investment will come from Carlyle Europe Partners III, a EUR5.4bn fund that closed in July 2007.
