Unigrains, the agri-food and agro-industry investor, has entered into exclusive negotiations with Wendel for the acquisition of Mecatherm, a specialist in industrial baking equipment.
With sales of around EUR100 million, 90 per cent of which is outside France, Mecatherm designs, develops, assembles and installs ovens, machines, and automated production lines for fresh or frozen, cooked or pre-cooked breads, cakes and pastries, all around the world.
This strategic acquisition would reinforce Unigrains’ position in the grain industry value chain, constituting a new, strategic axis, complementary to its private equity activities and aimed at enhancing its expertise and know-how.
Operating at the heart of Unigrains’ ecosystem, Mecatherm is led by a high quality and motivated management team, in place since 2015 around Olivier Sergent, which has repositioned the company in promising markets.
Olivier Sergent, President of Mecatherm, says: “Mecatherm’s management team is very happy and proud to become part of a Group that shares its values and a deep commitment to the French grain industry. We are convinced that this would enable us to continue to offer value to our clients and share common vision of growth and development for our company.”
Philippe Pinta, President of Unigrains, says: “We have been working for more than 55 years with the objective of strengthening the links between agriculture and the food industry. The acquisition of Mecatherm would represent a new strategic axis, complementary to our private equity activities and bring a unique vision of the evolution of the Bread-Bakery-Pastry industry, a major asset for our partner companies. We are delighted to promote the excellence of the French grain industry and its international standing as well as to ensure the development of a French leader in a buoyant, global market.”
Unigrains submitted a biding offer valuing the company at EUR120 millionand would hold the quasi-totality of the capital alongside the company’s management. The transaction is expected to be completed in Q4 2018, subject to consultation of Mecatherm’s works council and approval of competition authorities.
Oderis Consulting and Coblence & Associés have advised Unigrains on this project.
