Information on the target
Retrofleet, a pioneering company in the retrofit sector in France, has recently been acquired by the CBM Group, which now holds a majority share. Founded in 2020, Retrofleet has established itself as a leader in the retrofit of heavy-duty vehicles, particularly with its IVECO CROSSWAY coach retrofit, which received series approval in mid-2023. Under the continued leadership of Emmanuel Flahaut, the founder and president, along with co-founders Cédric Michels and Thibaut Moura, Retrofleet aims to process several hundred vehicles annually, positioning itself to capitalize on the burgeoning coach retrofit market in Europe.
Industry overview in the target’s specific country
The retrofit market for heavy-duty vehicles in France is gaining momentum, driven by increasing regulatory pressures and a growing emphasis on sustainability. With approximately 60,000 coaches in France and nearly 600,000 across Europe, the potential for retrofitting these vehicles is significant. The French government has been actively promoting initiatives aimed at reducing carbon emissions, which has created a favorable environment for companies like Retrofleet that specialize in retrofitting and electrification.
As the European Union continues to implement stringent environmental regulations, the demand for innovative solutions in the transportation sector is expected to rise. Retrofleet's focus on optimizing vehicle performance while minimizing costs aligns well with the broader industry trend towards decarbonization. The company’s commitment to enhancing environmental performance (CO2/Km) at competitive pricing (€/km) positions it strategically within this evolving landscape.
Moreover, the integration of advanced charging infrastructure, as demonstrated by Retrofleet's subsidiary MONA Energy, further supports the industry's transition towards electric mobility. This subsidiary specializes in high-service charging systems for heavy-duty vehicles, which is crucial for facilitating the widespread adoption of retrofitted electric coaches. The synergy between Retrofleet and CBM Group is expected to enhance operational capabilities and accelerate growth in this promising market.
The rationale behind the deal
The acquisition of Retrofleet by CBM Group is a strategic move aimed at leveraging existing synergies and enhancing market presence in the retrofit sector. With the growing demand for sustainable transportation solutions, this partnership allows Retrofleet to scale its operations and meet the increasing needs of customers looking to decarbonize their fleets. The investment from CBM Group not only provides financial backing but also access to a broader network and resources, facilitating Retrofleet's ambitious growth plans.
Information about the investor CBM Group is a prominent player in the distribution of spare parts for urban and interurban transport vehicles, with a strong commitment to expanding its services in the retrofit market. The group's strategic focus on sustainability and innovation aligns with the cur…