One Equity Partners (OEP) has agreed to acquire a majority equity interest in Clayens from Siparex, a French private equity firm.
As part of the transaction Siparex, its co-investors, and management team will reinvest in the business alongside OEP to continue supporting the company as minority partners. Siparex first invested in Clayens in 2019.
Clayens is an outsourced contract manufacturer of high-performance polymers, composites and precision metals. The company’s capabilities include thermoplastics, thermoset injection, metalloplastics and metal machining and engineering. Clayens’ customers are active in the aeronautics, automotive, healthcare, electronics, construction, household goods, sports, and leisure products sectors.
Clayens has more than 3,000 employees and it operates 25 manufacturing sites across Europe, North America and North Africa. The company, led by CEO Eric Pisani with annual revenues of €350 million, is headquartered near Lyon in Genas, France.
“We are eager to embark on this ambitious partnership with OEP, and we welcome them as a new majority shareholder committed to accelerating our growth,” said Mr. Pisani. “OEP distinguished itself through the firm’s partnership approach and its expertise in identifying and executing global transformational combinations.”
“Clayens has seen significant business development over the past four years and is primed to become a global leader in precision components manufacturing,” said Florent Lauzet, a managing partner at Siparex. “This is a new chapter for Clayens, but we and other existing shareholders remain committed to this investment. We are pleased to support alongside OEP a strong management team with demonstrated ability to grow organically and via acquisitions.”
According to OEP, Clayens is benefiting from current market trends including re-shoring of manufacturing operations with demand shifting back from China to Europe and the United States, growth in infrastructure spending, and post-Covid 19 recovery across the automotive and aerospace sectors.
“Clayens’ specialized expertise in producing highly engineered products that meet the most rigorous specifications is highly valued by multinationals operating in various end markets,” said Konstantin Ryzhkov, a managing director at OEP. “This capability has produced a loyal customer base that gives the company a significant advantage in a competitive market. OEP has a strong track record of building leading global companies from local champions through cross-Atlantic business combinations, and we believe that in partnership with Siparex and other current shareholders OEP can apply this experience to help Clayens transition from a leading French business to a major global player.”
OEP is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. Typical equity investments range from $30 million to $300 million. The firm spun out of JP Morgan in 2015 and has closed more than 300 transactions worldwide since its founding in 2001. OEP has offices in New York, Chicago, Frankfurt, and Amsterdam.
In April 2022, OEP closed its latest fund, One Equity Partners VIII LP, with committed capital of $2.75 billion. The new fund was oversubscribed and closed above its increased hard cap.
Siparex Group invests both equity and mezzanine debt across a range of strategies from start-ups to mid-market buyouts. The firm has six offices in France (Paris, Lyon, Nantes, Lille, Strasbourg, and Toulouse), four in Europe (Milan, Munich, Berlin, and Brussels), and partnerships in Africa and North America.
© 2022 Private Equity Professional | August 2, 2022
