News

Sentio Advises Endless on MBO of Charpentes Francaises

Charpentes Francaises

Sentio has advised Endless LLP in connection with their backing of the management buyout of Charpentes Francaises (“CF”).  CF is the French market leader in producing timber roof trusses, timber frames and other timber related products for commercial and residential properties.  It is headquartered in Rennes with a further 14 depots across France. The business has annual sales of Euro 50 million.  It serves a wide range of customers, from national house builders to local carpenters and self-build consumers.

The management buyout is led by the Directeur General, Yves Basle, together with five other senior directors.

This transaction represents Endless’s first direct acquisition outside of the UK.

Endless recently announced it had raised Fund IV with £525 million to invest in buyouts and non-core acquisitions from larger groups. The fund is supported by a range of global investors, including some of the best known universities and the family offices of some of the most successful entrepreneurs in the world.  Under Fund IV, Endless plans to invest into more businesses outside of the UK.

Yves Basle commented “This transaction allows us to start a new lease of life for Charpentes Francaises.  We look forward to implementing and putting into action our own strategy to turn this company around, whilst also utilising the experience Endless possesses.  We have already witnessed the highly effective, efficient and supportive way that Endless operates and we look forward to partnering with them over the coming years.  The goal for Charpentes Francaises is very clear for the management team – to return the business back to profitability and become the undisputed leader of the French trusses market.”

Garry Wilson, Managing Partner at Endless, commented: “We have always had a good experience with subsidiary companies in France so when the opportunity came along to back Yves and his team in this buy out of a non core business from a large corporate we moved quickly. Whilst market conditions are tough for the business presently our aim is to invest for the long term and give it the shareholder attention it deserves.  David Manning who is part of our Connections Executive network will coinvest and join the business as President”

Commenting on the deal Will Arnold, Partner at Sentio, said “We are very pleased to have worked with Endless to support them in their first direct investment outside of the UK. Charpentes Francaises has a leading position in the French trusses market and a strong management team who, with the support of Endless, have the opportunity to deliver financial stability and restore the business to profitability”.

The Endless investment team was led by Indra Harrison and Ed Ransome. Endless was advised by Sentio Partners (Dave Irwin and Will Arnold), Addleshaw Goddard (Andrew Smith, Emma Collins and James Tatro) and August and Debouzy (Julien Aucomte and Laura Favier). The Vendors were advised by Allen and Overy (Frederic Moreau and Raphael Bloch).