Target Information

Based in Châteaubriant, France, RBL Plastiques is a leading player in the thermoforming industry, specializing in the design and manufacture of customized plastic components and assemblies for over 40 years. The company caters primarily to industrial, medical, agricultural, and recreational vehicle sectors, offering both thin and thick thermoformed products in small to medium series. Through its subsidiary Cofrelec Industrie, RBL Plastiques also designs and markets a range of electrical and plumbing products targeted at the construction industry. In 2022, the group achieved a revenue of €30 million and employs over 130 staff members.

In late 2017, the Transmettre & Pérenniser fund managed by Sodero Gestion assisted in the acquisition of RBL Plastiques by Nicolas Masson and Ronan Jaunault. Now, five years post-acquisition, the group is launching a new development plan, which includes an ambitious logistical and industrial reorganization project. This will involve the expansion of the existing Châteaubriant facility by an additional 5,500 square meters, aiming to consolidate all thermoforming operations on one site while enhancing the group's industrial, logistical, and assembly capacities. RBL Plastiques has benefited from the Plan de Relance to support its technological and capacity investment program and aims to sustain organic growth through its new industrial organization.

Industry Overview in France

The French thermoforming industry is experiencing a pivotal transformation driven by advancements in technology and sustainable practices. As industries increasingly demand lightweight and durable materials, companies like RBL Plastiques are innovating to meet these needs. The market is also seeing a rise in the use of recycled materials, supported by regulatory frameworks pushing for sustainability across various sectors.

In recent years, the construction sector in France has witnessed substantial growth, leading to increased demand for specialized plastic components for building infrastructures. This demand is further amplified by governmental initiatives promoting eco-friendly construction practices, creating opportunities for thermoforming companies that can deliver sustainable product solutions.

The thermoforming industry in France is characterized by a competitive landscape, with numerous players focused on niche segments. Companies that can adapt to changing market dynamics, leverage new technologies, and deliver high-quality products will likely capture significant market share.

Overall, the industry outlook remains positive, with expectations of continued growth supported by innovations and an increasing focus on environmental sustainability, presenting favorable conditions for companies to thrive.

Rationale Behind the Deal

This secondary LBO transaction reflects Sodero Gestion's commitment to support the existing management team over the long term. The structure allows the management duo to strengthen their equity stake while expanding the investor manager team to include around ten additional managers, forming a significant minority group. This strategic move aims to ensure that the company's leadership is well-equipped to execute its growth plans and navigate the evolving market landscape.

Investor Information

Sodero Gestion, through its Transmettre & Pérenniser II fund, is known for fostering sustainable growth in companies it partners with. Their approach is focused on aligning with management teams to promote long-term value creation and operational improvements. For over 25 years, Arkéa Capital has been a steadfast partner with RBL Plastiques, supporting its previous leadership under Jacques Le Bouler. This enduring relationship underscores a deep understanding of the business and its potential for future development.

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This LBO transaction presents a compelling investment opportunity within the context of the evolving French thermoforming market. RBL Plastiques is well-positioned to capitalize on growth through its planned expansion and innovation initiatives. The company’s focus on sustainable materials and manufacturing practices aligns with broader industry trends, thereby enhancing its competitive edge.

Moreover, the addition of a broader base of manager-investors strengthens the company's governance and strategic oversight. This collective expertise can drive significant operational improvements and foster an environment conducive to innovation, which is crucial for success in today's fast-paced market.

While the investment carries inherent risks, particularly related to market volatility and competition, the strategic direction and backing of experienced investors render it a promising endeavor. Overall, if managed effectively, this investment has the potential to yield substantial returns in alignment with RBL Plastiques' growth strategy.

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