WCP enters into exclusive negotiations with Sagard to sell the Climater group
WCP has entered into exclusive negotiations with Sagard with a view to selling a majority shareholding in Climater, one of France’s leading climate engineering companies. Completion of the transaction remains subject to consultation of the works councils and approval by the competition authorities.
Climater was originally founded by the Gilet family in the late 1980s in the Toulouse region of south-west France. Today it is one of France’s leading independent climate engineering companies, installing and maintaining climate control, heating and building ventilation systems.
With revenues of over €130 million in 2017 and a headcount of over 720 employees in France, the Climater group possesses extremely robust market positions in south-west and south-east France, as well as in the Rhône-Alpes and Ile-de-France (Paris) regions.
Climater operates in an expanding market that lies at the heart of the current drive for energy efficiency. In recent years, it has grown by integrating a large number of family-owned companies.
With the support of its new shareholder, Climater will be able to continue pursuing this strategy of market consolidation and to shore up its position as the leading independent in the French market, harnessing the significant expertise in acquisitions gained by its senior managers over the past decade.
The major reinvestment alongside Sagard by the employees and senior management team led by Stéphane Gilet and Marc Trouchaud reflects their firm belief in the group’s development prospects.
Stéphane Gilet and Marc Trouchaud, Chairman and Chief Executive Officer of Climater, commented:
“The Climater group has received outstanding support and guidance over the past six years from Weinberg Capital, which has helped to drive our profitable expansion. Our business has gained a whole new dimension, as we have become a multi-regional group, expanded our product offering and built up our recurring maintenance and servicing activities. Our development prospects are compelling given the supportive trends in our environment and our hard-working teams. To meet the challenges we face in the coming years, we need a bold partner with a strong growth-oriented culture and expertise in providing human and financial support. Sagard’s team convinced us that it is the right partner to guide us on the next stage in our journey and to help us accomplish our development program.”
Serge Weinberg, Chairman of Weinberg Capital Partners, added:
“The Climater group changed tremendously during our six years of support. Led by Stéphane Gilet, who was joined by Marc Trouchaud, the group built up its organization and strengthened its position to achieve the highest standards of professionalism and efficiency—even though it was already one of the most profitable companies in its sector. It was able to grasp larger acquisition opportunities and then integrate the businesses successfully. I truly believe the company will go from strength to strength with Sagard’s backing.
Antoine Ernoult-Dairaine and Saik Paugam, partners at Sagard, concluded:
“We were struck immediately by the group’s family-oriented and entrepreneurial culture, its teams’ total commitment, and the professionalism, accountability and high standards displayed by the staff we met with. We thank them for the trust they have placed in us and are very proud to be taking over the baton from Weinberg Capital Partners to continue the group’s development through both organic and acquisition-led growth. We hope to be able to persuade the very large numbers of family-owned regional firms operating in the sector to join forces with Climater so that they can play their part in building a major independent climate engineering specialist in France.”