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Weinberg Capital Partners acquires a majority stake in Balitrand
Weinberg Capital Partners has reached agreement with the Balitrand and Faubert families to acquire the Balitrand Group, alongside Balitrand's management team. The buyout is subject to approval from the competition authorities.
Balitrand was founded in 1922 by Marcel Balitrand and is now the leading independent wholesale supplier of building materials (heating, sanitation, air-conditioning, electrics, taps and tiles) in the Provence Alpes Côte d'Azur region of France.
Based in Cannes, Balitrand is extremely well-known in the region and has 24,000 customers including tradesmen and SMEs, building companies, professionals (architects, interior designers, real estate developers) and local authorities.
Balitrand has twenty-two wholesale outlets in three French departments (Bouches-du-Rhône, Var and Alpes-Maritimes) and employs 550 people. It offers its trade customers a full range of services including a call centre, deliveries, repair workshops and technical advice units. The Group also has a retail business through Home Store, its home improvements store.
Balitrand reported revenue of about €174 million in 2007. It operates mainly in the renovation markets and is a member of the four major national buying groups to optimize its supply sources.
Its acquisition by Weinberg Capital Partners will enable Balitrand to expand more rapidly by opening new outlets and acquiring targeted local competitors.
Guillaume d'Angerville, partner of Weinberg Capital Partners, commented:
"Under the stewardship of Raymond Balitrand and then Jean-Marc Corporandy, the Balitrand Group has become the leading wholesale supplier of building materials in the Provence Alpes Côte d'Azur region of France. We are extremely pleased to be supporting Balitrand's management team in this buyout. The company has all the strengths needed to pursue an ambitious expansion strategy, supported by its strong competitive position in a highly dynamic local economy."
Jean-Marc Corporandy, Chairman of Balitrand's Management Board, commented:
"Balitrand's shareholders and management team have worked together on seeking a buyout solution that will ensure the ongoing growth and development of this family-based company while respecting its culture. We quickly identified Weinberg Capital as the partner of choice
for both the shareholders and management team, due to its expertise in the wholesale trade. We are looking forward to our future collaboration."
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