Eurazeo PME, a subsidiary of Eurazeo that specialises in investing in medium-sized companies, is to acquire Altaïr group. The deal involves Eurazeo PME investing around EUR115 million in the Group. Eurazeo PME would hold a majority stake alongside Altaïr management and key executives.
Altaïr was founded in 1946 by the Brunel brothers, and is a leading European producer of household and home care products. Operating in a resilient sector that has demonstrated steady growth over the last 20 years, the Group generated around EUR105 million of revenue in 2019 and maintained its growth trajectory despite the ongoing sanitary crisis.
The Group’s offer is built around strong brands with leadership positions in the home care and insect control markets:
Starwax brands portfolio (Starwax the Fabulous, Starwax Respect etc) for specialist cleaning products;
Sinto for multi-material repair and renovation products
Kapo for insect control.
These brands are mainly distributed through specialized channels and DIY stores in France. Altaïr has also developed a significant presence in Spain (c25 per cent of revenue) with the Oro (laundry products and insecticides) and Mistol (dishwashing products) brands.
In addition, the Group sells its products in more than 50 countries (c25 per cent of revenue), either through its local subsidiaries in Poland and Benelux or through distributors, mainly in North Africa and Eastern Europe.
The shared ambition of Eurazeo PME and the management team led by Etienne Sacilotto is to accelerate the Group’s development in Europe by a combination of organic growth and buy-and-build acquisitions, and to actively support the Group in its CSR roadmap.
Eurazeo will bring its financial resources, international network and expertise (notably in external growth, digitalisation and CSR) to help the Group accelerate on the transformation plan already initiated by the management team.
Benjamin Hara, member of Eurazeo PME’s Executive Board, says: We look forward to supporting the management team led by Etienne Sacilotto in its ambitious growth strategy underpinned by the positive underlying consumer trends in the home care sector. The Group has strong development potential thanks to its innovation know-how, the strength of its brands (Starwax, Oro, etc), its track record of operational excellence and a CSR strategy that we will be supporting actively. Altaïr is also a robust platform for a focused consolidation strategy in France and Europe.
Etienne Sacilotto, General Manager of Altaïr, adds: We are confident that this new milestone will enable us to accelerate our development in the years to come. I am grateful to Motion Equity Partners for their continuous support and I am very pleased to welcome Eurazeo PME – I am convinced their financial support and renowned expertise (external growth, digital transformation, CSR…) will be key catalysts in delivering our strategic roadmap. I would also like to thank all our employees for their commitment and I am confident that their steady dedication will continue to drive our success in the service of our customers.
Patrick Eisenchteter, Motion Equity Partners, says: Since our initial investment in 2016, Altaïr Group has made a great step-up to become a true European leader in branded household care products. We are proud to have contributed to this success alongside the Group’s Management team, notably through Altaïr’s first cross-border acquisition (Oro, Spain) which has significantly strengthened the Group and laid the ground for the current growth project carried-out by Etienne Sacilotto and his team. We are delighted to hand-over to Eurazeo PME, which we believe is the right partner to the Group and its Management team in order to pursue its growth story, both organically and through buy & build.