Our investments

Our current portfolio

Banook Group

In November 2023, Motion Equity Partners invested in Banook Group, a cardiac safety specialist in the assessment of drug candidates, as a majority shareholder alongside the Management team.

Entry Date

November 2023
Sector

Healthcare
Employees

70

Founded in 1999 in Nancy, Banook specializes in in the collection and analysis of clinical trials data derived from electrocardiograms – also called “ECG” – used during clinical trials to assess the cardiac safety of new drugs under development. For over 25 years, Banook has been supporting pharmaceutical laboratories, biotechnology companies, and Contract Research Organizations (CROs) in conducting their clinical trials. As a strategic partner, the Group has a network of renowned Key Opinions Leaders and a distinctive proprietary clinical trial management system (Atrium) that allows secure and automated data centralization.

Historically based in Nancy, Banook has embarked on a strategic international expansion, first establishing a presence in Canada and then Germany through the acquisition of the Munich-based enterprise Nabios Gmbh in 2021. In 2022, the company further expanded by opening an office in Boston. Additionally, the Group has strategically positioned multiple logistic hubs abroad, ensuring the swift provision of medical devices, enabling Banook to efficiently support multi-site clinical trials. Presently, Banook conducts almost two-thirds of its operations outside of France, addressing leading pharmaceutical laboratories. The Group employs ~70 people and is backed by a network of top-tier scientific and medical experts.

Tournaire

In September 2022, Motion Equity Partners has acquired a majority stake in Tournaire Group, an historical leading global player in high-barrier packaging, alongside its founding family.

Entry date

September 2022
Sector

Packaging
Employes

300
Sales

€90m

Founded in 1833, Tournaire relies on nearly two centuries of expertise in the design, manufacture and sale of high-barrier packaging solutions in aluminium (ranging from 15mL to 32L) used to safely store, sample, ship and market high value / noble materials (essential oils, active ingredients, solvents, etc.). As a strategic partner, the Group has a diversified portfolio of more than 900 clients operating in resilient and dynamic sectors such as pharmaceuticals, flavors & fragrances, chemicals and food ingredients. The one-piece technology and high-barrier properties of Tournaire’s aluminium solutions perfectly meet their requirements in terms of performance and recyclability.

Historically rooted in Grasse, the world’s perfume capital, the Group operates there its main production site and benefits from a unique industrial know-how. Tournaire has sales offices in the United States and Vietnam. The Group distributes its solutions in 80 countries worldwide and employs nearly 300 people and realized +90m€ Sales in 2021.

Atlas For Men

In April 2022, Motion Equity Partners realised the acquisition of Atlas For Men Group alongside the Management team, with the ambition to consolidate its leader position in Europe, and to accelerate its development in North America.

Entry date

April 2022
Sector

Consumer
Employes

167
Sales

€300m

Founded in 1999 in Paris, Atlasformen is a D2C platform specialised in the distribution of casual, outdoor-oriented & timeless collections at affordable prices

Atlasformen’s strength resides in its 100% D2C storeless business model, spanning both an offline (catalogues) and an online (e-commerce) offer. The Group now establishes itself as a reference player on its market, thanks to its robust model and its operational excellence.

Thanks to its 167 employees, led by an ambitious and complementary Management team, the Group was able to successfully replicate its model and to expand its presence in 12 countries in Europe, and, since 2021, in North America. With this expansion, combined with the deployment of its digital strategy, the Group has known 20 years of uninterrupted revenue growth.

Résilians

In September 2021, Motion Equity has invested in Résilians alongside its Founder, with the ambition to build the leading consolidation platform in the French post-disaster repair market.

Entry date

September 2021
Sales

€100m+

Résilians is the French leader of emergency interventions following home accidents (fire, water damage, weather events).

Résilians intervenes mainly on behalf of insurance companies, offering comprehensive and reactive turnkey solutions through a comprehensive territorial coverage (42 agencies).

Thanks to its digitalized and integrated model and an agile organization, Résilians benefits from a strong reputation and long-standing client relationships, being strategically positioned as a single-entry point.

Learnation

In 2020, Motion Equity Partners acquired a stake in Learnation alongside its management team to create a French leader in digital learning.

Entry date

December 2020
Sector

Education

Learnation was created through the combination of three entities which are leaders in their respective markets, under the impulsion of Motion Equity Partners and the management team.
Learnation is a fast-growing French Edtech leader in digital blended-learning and a pure player in digital language learning.

The Group’s ambition is to facilitate and democratize language learning for employees and job seekers. The Group therefore mainly addresses the dynamic, resilient and fragmented professional training market. The Group mainly targets B2B companies, on a spectrum ranging from very large accounts (CAC 40) to SMEs, including mid-caps. Learnation is now leader in the digital language training in France and one of the only players on this market with both a PaaS offer (Platform-as-a-Service, e-learning) and a Blended Learning offer (mix of video and e-learning). Learnation has an excellent know-how in the development of learning pedagogical platforms, coupled with a great mastering of sales and marketing execution, both on the B2B and the B2C segments.

Olmix

In October 2020, Motion Equity Partners and Amadéite SAS (holding of Hervé Balusson, Olmix’s Founder) have acquired a majority stake in Olmix, a global specialist of natural solutions for sustainable agriculture.

Entry date

Octobre 2020
Sector

Agro
Employees

650
Sales

€200m

Olmix is a global company specialized in developing, producing and distributing high value biosourced solutions for livestock and crop farming. With more than 30 years of experience in the sector, the company has established itself as a specialist in marine biotechnology and green chemistry. Today, Olmix offers an innovative and recognized range of products based on algae, clays, trace elements, and organic matter. These products address two main markets:

“Animal Care”: natural solutions for animal nutrition and health, with a focus on improving animal welfare and hygiene, reduce mycotoxin risks, and improve digestive efficiency, and
“Plant Care”: natural solutions to improve soil structure, plant nutrition and health, while reducing the use of chemical inputs and phytosanitary products.

Through its range of high-quality end-products and ingredients, the Group is a preferred partner of farmers, distributors, and farm supply manufacturers worldwide, enabling smart and sustainable agriculture.

In 2023, Olmix Group has performed the acquisition of Yes Synergy, a Brazilian business specialized in the selection and production of high value derivates of natural extracts for Animal Care. Through this acquisition, Olmix Group reaffirms its international ambitions and positions itself as a leader of biosourced solutions for agriculture, now achieving more than €200 million in revenue, including nearly €150 million in animal nutrition, health, and welfare.

Olyos Group

Motion Equity Partners has been supporting Olyos Group's Management in building one of the most sizeable European players in the health nutrition.

Entry date

December 2017
Sector

Healthcare
Employees

400
Sales

€110m+

With a history of +70 years, and headquartered in Mougins (France), Olyos Group is an international specialist of natural health products with €110m in Sales.

The Group is spanned into 5 main regional leading brands benefiting from positive underlying market trends in Europe:

Granions: pioneer and undisputed leader in oligo-based drugs and food supplements (~40% of sales)
Drasanvi: key Spanish player in food supplements and natural health products. Also presents in South of America (~20%)
Stardea: key Italian player in health food supplements (~15%)
Labcatal: expert recommended brand of oligo-based drugs and dermatology to treat both deficiencies and pathologies (~10%)
EAFit: leader in sport nutrition (~10%)

Olyos Group distinguishes itself as a multi-country growth platform at the forefront of innovation that relies on strong local brands built around strong values (naturalness & performance) and backed by a scientifical and pharmaceutical approach.

Pharmacies, parapharmacies and specialised stores are the historical and prevailing distribution channel. Ecommerce & online sale has become the 2nd largest distribution channel (~20% of Sales). The Group addresses 3 main countries in Europe (France, Spain and Italy), as well as the US, China and South America. The group is active on 4 continents and 25+ countries.
It operates two main production sites in Annemase (France) and Leon (Spain). Olyos counts 400 employees, led by Thierry Verne and Jonathan Bienfait.

Olyos Group’s strategy is supported by 3 main pillars: its organic growth, the consolidation of the European food supplement market and operational excellence with a focus on ESG.
The Group has a demonstrated track record of buy&build, with 7 acquisitions realized over the past few years to expand its geographical footprint across Europe.

More information: https://olyos.com/

Omni-Pac

Supported by Motion Equity Partners, Omni-Pac Group has become a leading European player in the sustainable moulded fiber packaging industry.

Entry date

November 2014
Sector

Packaging
Employees

600
Sales

€100m+

Omni-Pac is at the forefront of the fast-growing sustainable packaging market, offering innovative and eco-friendly solutions in moulded fiber (a natural, recyclable and biodegradable material) for various markets such as:

The food sector (eggs, fruit & vegetables, fish, meat, dairy products, etc.) as moulded fiber offers ideal features for the conditioning, preservation and the replacement of plastic materials
The medical sector, with innovative single-use solutions limiting the excessive use of detergents and the proliferation of nosocomial disease
The industrial market, with shipping packaging solutions allowing to conciliate technical performance (optimized protection and logistic) and further recycling

Omni-Pac operates three highly automated and complementary state-of-the-art production facilities: Allaire in Brittany (France), Elsfleth in Germany and Scunthorpe in the United-Kingdom. Every year, over 100,000 tons of recycled paper and cardboard are recycled on these sites, thus contributing to give a second life to our paper waste.

Historically positioned as a leader in the French, German and UK markets, the Group is also a key player in Benelux, the Nordic Countries and in Southern Europe. It has recently initiated very promising developments in Export markets especially in the Middle East, Africa and in North and South America. The Group has significantly invested in R&D in order to develop tomorrow’s packaging and actively promotes circular economy as well as environmental protection.

Please refer to the “Success Stories” section for a case study on Omni-Pac.

Our realised investments

Holweg Weber

Between 2018 and 2022, under the impulsion of Motion Equity Partners, HolwegWeber became the global leader of sustainable packaging solutions.

Sector

Packaging
Buyer

Ambienta / In.Pacl
Entry (2018)

Sales: €45m
Exit (2022)

Sales: €90m

HolwegWeber is a global player specialized in the design, development and assembly of eco-packaging machinery solutions.

With over a century of experience, an installed base of more than 3 000 production lines and a strong American-European DNA, the group designs, develops and assembles solutions dedicated to the manufacture of eco-responsible packaging such as square and flat bottom paper bags, sheets or envelopes dedicated to e-commerce. HolwegWeber has 5 assembling sites (France, USA, China, Germany and Spain) and a strong internal sales force, allowing the Group to target a global customer base.

HolwegWeber’s mission is to contribute to the reduction of the use of plastic in everyday packaging. The group has a unique value proposition, overseeing every step of the machinery value chain, from engineering, to manufacturing and after-sales services. HolwegWeber provides its customers with a wide range of high-end production lines, maintenance services and after-sales services. HolwegWeber is an implementation-oriented strategic partner, aiming to maximize its customers’ OEE (Overall Equipment Effectiveness).

Please refer to the “Success Stories” section for a case study on HolwegWeber.

Minlay

Under the ownership of Motion Equity Partners, the Minlay Group has become one of the European leaders and the technological leader in the manufacturing and distribution of dental prosthetics.

Sector

Healthcare
Buyer

Adagia Partners
At Entry (2017)

Sales: €17m
At Exit (2022)

Sales: €85m

Founded in 2006, Minlay is a group of dental laboratories offering all types of dental prosthetics: fixed prosthetics, removable prosthetics, implant-supported, aesthetic and orthodontic prosthetics, throughout Europe.

In 2022, the Group employed approximately 440 people across 16 laboratories and 12 brands in France, Germany and the Netherlands. Positioned on the premium segment, the Group’s offer covers all the needs of dentists and targets a diversified client base, made of independent dentists as well as dental centres. The reputation of its brands and its strong capacity for innovation (development of CAD/CAM) make Minlay the undisputed leader in the dental prosthetics market.

Between 2017 and 2022, Motion Equity Partners contributed to the emergence of this French and European leader, by providing human and financial resources in order to multiply its size fivefold and become the technological leader of the market.

Please refer to the “Success Stories” section for a case study on Minlay.

Altaïr

From 2016 to 2020, Motion Equity Partners supported Altaïr’s Management in the transformation of a French focused business into a true European leader in branded household care products.

Entry date

Consumer goods
Buyer

Eurazeo PME
Entry (2016)

Sales: €59m
Exit (2020)

Sales: €115m

Founded in 1946, Altaïr is a leading European manufacturer and marketer of specialty home care and cleaning products.

The Group owns a portfolio of 5 iconic brands, leader on their respective segments, benefiting from a high degree of customer awareness and loyalty.

These brands are distributed in more than 50 countries in DIY stores, hyper and supermarkets and in traditional / independent stores, as well as through different online channels (e-commerce platforms and the Group’s website Mamawax.fr).

The Group relies on 400 employees and operates 3 state-of-the-art production facilities in France and Spain.

Please refer to the “Success Stories” section for a case study on Altaïr.

Cellular Line

Between 2014 and 2018, Funds advised by Motion Equity Partners have supported the development of Cellular Line, a designer and distributor of mobile phone and tablet accessories.

Sector

Consumer goods
Buyer

Crescita Spac
Entry (2014)

Sales: €144m EV: €170m
Exit (2018)

Sales: €173m EV: €244m

Background

In April 2014, Funds advised by Motion Equity Partners arranged a majority buy-out of Cellular Line, a fast-growing designer and distributor of mobile and tablet accessories, investing alongside L Capital.

In 2018, Funds advised by Motion Equity Partners completed the sale of Cellular Line to Crescita Spac, an entity listed on the Milan stock exchange.

Business

Cellular Line was one of the first mobile phone distributors in Italy. The company has expanded to include mobile accessories and eventually abandoned the mobile phone segment.

Cellular Line is today a leading European player in a fast-growing industry:

Number 1 in Italy
Over 2000 clients including Fnac and Carrefour
5 proprietary brands including Cellular Line (smartphones and tablets) and Interphone (motorcycle helmet accessories and miniature all-weather camera)
Products distributed in 60 countries including Italy, France, Spain and Switzerland
A market growing by over 50% per year

Motion Equity Partners’ value added

During the investment period, Funds advised by Motion Equity Partners have assisted the Group in:

Strengthening its presence in existing channels, while significantly expanding into new ones (e.g. sport, book, drug and games stores)
Accelerating its international presence
Increasing innovation pace, placing constant and successful emphasis on continuous marketing innovation.

Arcaplanet

For 5 years, Motion Equity Partners supported the growth of Arcaplanet, leader in the distribution of pet products in Italy.

Sector

Consumer goods
Buyer

Permira
Entry (2010)

Sales: €48m
EV: €46m
Exit (2016)

Sales: €137m
EV: €350m

Background

Funds advised by Motion Equity Partners acquired Arcaplanet, a leading Italian specialist retailer of pet food and accessories, in December 2010.

Arcaplanet, which had been identified early on as an outstanding opportunity by the deal team, was acquired following a limited auction process organized by the seller, Credem PE, a Milan-based VC firm. The latter maintained a minority stake in the Group, together with the management team.

In May 2016, Funds advised by Motion completed the sale of Arcaplanet to Permira Funds.

Business

Arcaplanet group, headquartered in Genoa, has c. 800 employees and operates 150 stores, each averaging some 600 square meters in size, located in the north and center of Italy. The Group differentiates itself through its innovative format, with a vast range of 10,000 products from pet food to accessories, at competitive prices. Stores formats range from retail park, to stand alone and in-town. Some stores have been also opened inside shopping centers.

Over the years the Group has embarked on several projects to expand sales channels (launch of its online store), strengthen the Arcaplanet brand (launch of a TV advertising campaign, the first Italian pet retail chain to do so) and increase its product offering (launch of its private label).

In 2015, Arcaplanet accounted for almost 1/5 of the whole Italian market growth.

Motion’s value added

The strong performance of the Group was achieved thanks to the implementation of an ambitious growth strategy and margin improvement initiatives. With Motion Equity Partners’ guidance, the Group has:

Increased the size of the chain through the opening of more than 100 stores. Network expansion has been wholly self-financed by Group cash-flows
Delivered first-in-class LFL performances, driven both by legacy stores and by new openings, which reported consistently positive results
Expanded into e-commerce with the launch of its own e-shop
Developed its private label, which experienced a significant growth and had a positive effect on profitability
Significantly improved margins
Strengthened its brand by launching a national TV advertising campaign which gave a significant boost to sales
Improved working capital (specific focus on inventory) management, with positive effects on cash-flow generation
Reinforced the Management team to support the increasing size and complexity of the business.

Morrison Utility Services

Funds advised by Motion Equity Partners supported the development of the UK leader in infrastructure services. During the investment period, Morrison Utility Services became the best performing company in its field.

Sector

Infrastructure services
Buyer

First Reserve
Entry (2008)

Sales: £515m EV: £135m
Exit (2015)

Sales: £600m EV: £210m

Background

Funds advised by Motion acquired Morrison Utility Services from Anglian Water Group plc in March 2008 for £135m, together with Bregal Capital and the Management team.

In 2016, Funds advised by Motion Equity Partners completed the sale of Morrison Utility Services to First Reserve.

Business

Morrison Utility Services, which is headquartered in Stevenage (United Kingdom), manages infrastructure maintenance, installation and specialist services for a broad range of utility companies under long-term contracts. The services provided by Morrison include installing, maintaining and replacing piping and cabling networks on behalf of water, gas, telephone, electricity and rail companies throughout the UK.

Morrison supplies the labour and equipment hire required, as well as managing the relationship with the local authorities.

With turnover of approximately £600m, Morrison has some 4,000 employees and is proud never to have lost a client from its broadly diversified customer base which accounts for contracts worth in excess of £2.0bn.

Motion Equity Partners’ value added

During the investment period, with significant Motion Equity Partners support, the Group has:

Significantly increased its size and industry footprint: from £495m turnover and a £1.3bn order book in 2009, the company has now exceeded the £600m turnover mark, with a £2.0bn order book
Significantly improved its margins, which now stand at sector highest, through cost-saving initiatives and operational improvements
Improved working capital (specific focus on key contracts and intra-month swings) management, with positive effects on cash-flow generation
Strengthened its top Management team.

Tokheim

Until 2015, Motion Equity Partners supported the development of Tokheim and its transformation into a global leader in the manufacturing and maintenance of gas dispensers and related systems.

Sector

Industrials
Buyer

Dover Corporation
Entry (2005)

Sales: €361m EV: €250m
Exit (2015)

Sales: €700m EV: €445m

Background

Since December 2005, Funds advised by Motion Equity Partners have supported the development of Tokheim, the European leader in the production and service of petrol distribution systems.

Business

Tokheim designs and assembles both fuel dispensers and associated systems including payment terminals, POS, back-office systems and offers maintenance and value-added services to operators.

Present in 100+ countries in EMEA, China, India, APAC and Latam, the Group had direct operations in 33 of them.

Operated 4 assembly plants: its historical factory in Scotland and 3 others opened under our ownership in China, India and Brazil.

Motion Equity Partners’ value added

During the investment period, Tokheim has been successful in building up a strong market position worldwide:

Increasing the size of the Group through greenfield development and external growth. Under Motion Equity Partners’ ownership, Tokheim made more than 20 add-ons and its sales have doubled
Drove greenfield development in emerging markets such as Asia, India and Latin America to re-balance Tokheim’s geographical footprint toward fast-growing markets
Successful investment in value-added services with 2 sizeable add-ons (Fairbanks & Start Italia).

Fullsix

Under the impulsion of Motion Equity Partners, FullSIX became a well recognized international company.

Sector

Media
Holding period

2008-2015
Buyer

Havas

Background

Funds advised by Motion Equity Partners acquired the international operations of FullSIX Spa, an Italian group listed on the Milan stock exchange, alongside the existing management team in August 2008.

FullSIX was a unique independent European player with impressive client base, positioned on a very dynamic market as the marketing industry is undergoing a major shift from traditional media (TV, papers, radio) towards interactive and relationship channels (web, mobile). Motion Equity Partners saw a great opportunity to back an ambitious management team and grow the agency into a lasting international group.

The Group was acquired by Havas Media Group in October 2015. The merger should benefit both Havas and FullSIX as their experience and skills are very complementary. FullSIX will bring to Havas its unrivalled expertise in digital communication and marketing, and will in return benefit from Havas’ longstanding relationships with blue-chip customers.

Business

FullSIX Group is a European digital communication and marketing consultancy Group founded in 1998 and based in Paris. The Group operates in France, Spain, Portugal, the United Kingdom, Italy and the USA. Led by Founder & CEO Marco Tinelli, the Group employs over 600 people. It built a unique proposition covering the full range of Data, Digital, Communications and Media expertise:

Relationship, digital and e-commerce (FullSIX)
Analytics, data mining & insights (FullSIX Data)
Mobile experience (FullSIX Air)
Brand and advertising (FullSIX Advertising)
Strategy and media buying (FullSIX Media)
SEO & SEM (FullSIX Search)
Traffic generation, ROPO (Research Online Purchase Offline) and in store experience (FullSIX Retail)

Motion Equity Partners’ value added

During the investment period, FullSIX has succeeded in growing into a robust growth platform by:

Widening its scope of competencies, either through external growth (Novalem, Netsonda) or internal development (FullSIX Data, FullSIX Air)
Successfully expanding the Group’s international reach with the opening of agencies in Spain and the US and the acquisition of Grand Union in the UK
Rationalising its processes, especially production processes, to allow the Group to face its growth-related issues. FullSIX grew from a small innovating agency to an established, recognised and lasting group
Consolidating the Top Management and financial reporting.

Diana

10 years alongside Diana Group, the global supplier of natural ingredients for the Food and Pet Food industries.

Sector

Agribusiness
Buyer

Symrise
Entry (2004)

Sales: €177m EV: €270m
Exit (2014)

Sales: €499m EV: €1,300m

Background

Funds advised by Motion had initially made the acquisition of Diana Ingredients in 2004 from BNP Paribas for an EV of €270m.

The asset was sold in 2007 for an EV of €710m to the French private equity firm Ardian (ex-AXA Private Equity).

Between 2004 and 2007, Funds advised by Motion had successfully helped Diana develop. The strategy implemented consisted in accelerating the development of its Pet Food division as well as the acquaculture segment, reinforcing Diana Food’s growth thanks to significant build-ups and developing Diana Nova through organic and external growth.

Leveraging its success and its knowledge of the market, and convinced that the company had still a significant growth potential, it was decided to reinvest in the business alongside Ardian and thereby renew their commitment to the Management team.

Business

Diana, headquartered in Vannes (France) is the world leader in natural functional solutions for the food, pet food, nutraceuticals, aquaculture and cosmetics industries, and technology leader in plant cell culture, dedicated to the production of active ingredients for food, cosmetics and health. The Group is organized in three independent divisions:

Diana Pet Food is the leading worldwide producer of palatability enhancers for the pet food industry
Diana Nova is composed of new activities with high growth potential, such as aquaculture and plant cell culture
The Food division develops organoleptic and nutritional features to enhance the benefit of its customers from the food industry

With 32 production sites across 23 countries in Europe, North America, South America, Asia, Middle-East and Australia, Diana employs more than 2,000 people worldwide and has posted continuous highly profitable growth for 15 years.

Motion Equity Partners’ value added

During the investment period, the strategy implemented by the Funds advised by Motion has been to pursue Diana’s internationalization to:

Increase the firm’s exposure to fast-developing countries
Further secure the sourcing of raw materials, an essential component of the Group’s success
Enter or reinforce existing positions on new promising markets such as aquaculture and plant cells culture
Follow its blue chip customers in new markets
Re-balance the Food division vs. the Pet Food division

This expansion strategy materialized in both greenfield developments, with the creation of new production sites in the US, Canada, Latin America, Russia, South Africa and Thailand, and external growth with no less than 6 successful acquisitions since our initial investment, including Confoco in Ecuador and Pacific Pure Aid in the US.

Ixetic

Between 2006 and 2012, Funds advised by Motion Equity Partners supported the development of ixetic, leader in the production of high performance hydraulic pumps for the automotive industry.

Sector

Industrials
Buyer

Magma Internationnal
Entry (2006)

Sales: €286m EV: €238m
Exit (2012)

Sales: €325m EV: €339m

Context

In March 2006, Funds advised by Motion Equity Partners acquired ixetic (former LuK Fahrzeug-Hydraulik), the European leader in the production of high-performance hydraulic pumps and innovative air conditioning CO² compressors for premium car manufacturers, for €238m.

In 2012, Funds advised by Motion Equity Partners completed the sale of the Group to Magna International Inc., one of the foremost auto parts manufacturers in the world.

Business

ixetic, with its headquarters in Bad Homburg (Germany), mainly focuses on the premium segment of the automotive market, with customers including Daimler, BMW, Audi/Volkswagen, Land Rover and Toyota as well as the LUK/Schaeffler group. ixetic operates two manufacturing facilities in Germany, and one in each of Bulgaria and China. Full year 2011 total sales of ixetic amounted to €300m.

The Group’s product line includes pumps for the assisted steering of commercial and personal vehicles, brake pumps, frame pumps for active suspension systems, hydraulic pumps for variable transmissions or other types of innovative transmissions.

Motion Equity Partners’ value added

During the investment period, ixetic has been successful in building up a strong market position worldwide, overcoming an adverse economic environment through:

Enlarging its blue-chip customer base
Implementing of a sustainable strategy allowing ixetic to navigate successfully through the 2008-2010 downturn, with stable double digit margins
Strengthening the R&D department allowing ixetic to be well positioned to lead automotive trends
Setting up of a new low-cost production facility in Bulgaria
Opening an assembly line facility in China with outstanding growth potential
Focusing on high level employees satisfaction and strong employer recognition in the industry.

Aliplast

Between 2004 and 2006, Funds advised by Motion Equity Partners supported the development of Aliplast, manufacturer of aluminium profiles for doors, windows and verandas.

Sector

Industrials
Buyer

Management
Entry (2004)

Sales: €158m EV: €203m
Exit (2006)

Sales: €223m EV: €430m

Context

In February 2004, Funds advised by Motion Equity Partners invested €71.9m in the €203m management buy-out of aluminium conservatory and window systems supplier Aliplast. The business was acquired from the company’s founder, Peter Blijweert, his brother, the CEO and two minority institutional shareholders. Peter Blijweert reinvested for a 15% shareholding. The CEO made a significant commitment by rolling over all of his existing stake and by investing additional funds.

Funds advised by Motion Equity Partners completed the sale of Aliplast for €430m to its Management team.

Business

Johan Verstrepen led Aliplast’s management team with Oswald Anne as Financial Director. We introduced Jean Beeckman as Operating Partner with useful in-depth experience of the building products sector through his time with Etex.

Aliplast is a supplier of aluminium systems for use in conservatories, windows and doors. Its strategy is built around vertical integration with design, extrusion, painting and thermal insulation of aluminium profiles on the same site. At acquisition, Aliplast was headquartered in Belgium and its core countries of operation were Benelux, France and the UK with more recent expansions into Poland, La Réunion and China. The business had reached the point where the scale and international spread were reaching the limit of the founder’s capabilities.

Motion Equity Partners’ value added

During the investment period, focus was put on:

Disposing of four non-core businesses
Migrating the international operations from a high degree of autonomy to a consolidated group approach with an emphasis on sharing innovation and best practice, and treating manufacturing as a group resource
Introducing significant improvements to reporting systems and controls
Introducing a culture and focus on cashflow

Organic sales have also grown strongly during the three years since Funds advised by Motion Equity Partners invested, rising from €158m in 2003 to an estimated €223m in 2006.

Gardiner

Between 2003 and 2006, Funds advised by Motion Equity Partners supported the development of Gardiner, the leading independent distributor of electronic security products in Europe.

Sector

Electronics
Buyer

Honeywell Group
Entry (2003)

Sales: €213m EV: €112m
Exit (2006)

Sales: €216m EV: €150m

Context

Gardiner was acquired from Rexel, who wished to reduce their debt. A planned auction process was pre-empted, resulting in a proprietary deal. Funds advised by Motion Equity Partners invested €41m for a fully diluted stake of 79%.

In 2006, Funds advised by Motion Equity Partners completed the sale of the Group to Honeywell for €150m.

Business

Gardiner is Europe’s largest independent distributor of electronic security products. The company sells an extensive product portfolio (7,500 products) to over 12,000 active customers, who are principally specialist installers. Gardiner’s added value is mainly in offering a full range of specialized products, advice and technical support and logistics (96% of the customers are delivered under 24 hours). Main product lines are intruder alarm (53% of sales), closed circuit TV (29%), access control (9%), fire (6%). The company is present in ten countries in Europe.

Motion Equity Partners’ value added

During the investment period, the emphasis has been on improving the business profile of the company. The focus has been on:

Strengthening the management team
Integration of country operations
Expansion through opening new sales offices
Further development and cross selling of the product range
Enhanced cash flow management and reporting.

Case studies