Crédit Mutuel Equity invests additional capital in CF Group
Wendlingen — Crédit Mutuel Equity, the international direct investment company of Crédit Mutuel Alliance Fédérale, is investing additional capital in CF Group, increasing its minority stake in the company. The CF Group is located in Wendlingen am Neckar and is one of the two largest companies in Europe for the production and equipment of swimming pools. Crédit Mutuel Equity has held a stake in the company since the end of 2019. Financial details of the transaction were not disclosed.
Sébastien Neiss (photo), Managing Director of Crédit Mutuel Equity in Germany, said: “We only invest equity from the Crédit Mutuel Alliance Fédérale balance sheet, so we have a free hand in how we use the proceeds from disposals of portfolio companies. Each year, we reinvest around one-third of these proceeds in the existing portfolio of more than 330 companies around the world in which we have a stake. We use the remaining two-thirds for new investments. The advantage of our ‘patient capital’ is its great flexibility: We are able to accompany companies over time horizons that are tailored to their respective projects and thus enable us to create value for all stakeholders — management, shareholders and employees. Therefore, it is worthwhile for us to increase our investments both in challenging phases and when growth prospects are particularly positive, e.g. through external growth projects. CF Group has developed extraordinarily successfully since our investment and the further prospects are also very good. With additional capital, we want to do our part to leverage the company’s long-term development potential.”
CF Group was formed from the 2019 merger of Germany’s Chemoform AG and France’s FIJA Group. The transaction took place with the support of Crédit Mutuel Equity, which also acquired a stake in the newly created company. Since then, CF Group has acquired three more companies, including the acquisition of a majority stake in Dr. Nüsken Chemie GmbH, in which it already held a minority stake.
Cedrik Mayer-Klenk, CEO of Chemoform AG, added: “For many years now, we have been pursuing a growth strategy in which we open up new markets or additional distribution channels by acquiring complementary companies or long-standing cooperation partners. Having the financial strength and M&A expertise of an active minority shareholder experienced in such processes in the background helps us a lot. We have become faster in decision-making and more professional in the execution of acquisitions and can maintain a very solid equity ratio even with ambitious growth.”
Advisor to the transaction: Heuking Kühn Lüer Wojtek
Dr. Rainer Herschlein, Benedikt Raisch
About CF Group
CF Group is a leading European company for swimming pool technology, maintenance and water treatment. The company was formed by the merger of Chemoform AG, founded in Wendlingen (Germany) in 1962, and the FIJA Group, founded in Brécé (France) in 1975. With its multi-brand portfolio, CF Group covers the entire spectrum from construction, equipment and maintenance to cleanliness, hygiene and care of private and public pools. The group employs more than 1,000 people, operates in more than 40 countries worldwide and generates sales of more than 300 million euros annually. www.chemoform.com
About Crédit Mutuel Equity
Crédit Mutuel Equity bundles the international direct investment business of the French banking group Crédit Mutuel Alliance Fédérale. The subsidiary offers medium-sized companies solutions in all areas of equity financing.
At Crédit Mutuel Equity, the focus is on the relationship and close cooperation between the experienced investment team and the executives in the portfolio companies. With the long-term perspective of a fund-independent “evergreen” approach, the company has already been successful for 40 years.
Crédit Mutuel Equity currently has around 3.5 billion euros of equity invested, and its portfolio consists of more than 330 companies. Since 2016, the company has expanded its activities to Canada (Montreal and Toronto), USA (New York and Boston), Germany (Frankfurt) and Switzerland (Geneva and Zurich). www.creditmutuel-equity.eu
About Crédit Mutuel Alliance Fédérale
Crédit Mutuel Alliance Fédérale is one of France’s leading banks, with more than 75,000 employees1 serving over 29 million customers1. With a network of around 4,500 branches1, Crédit Mutuel Alliance Fédérale offers a comprehensive range of services for private customers, the self-employed and companies of all sizes. With equity of EUR 51.8 billion2 and a CET1 ratio of 18.3%2 , the Group is one of the best-capitalized banks in Europe.
The Crédit Mutuel Alliance Fédérale is composed of the Crédit Mutuel sub-associations Centre Est Europe (Strasbourg), Sud-Est (Lyon), Ile-de-France (Paris), Savoie-Mont Blanc (Annecy), Midi-Atlantique (Toulouse), Loire-Atlantique and Centre Ouest (Nantes), Centre (Orléans), Normandy (Caen), Dauphiné-Vivarais (Valence), Méditerranéen (Marseille), Anjou (Angers), Massif Central (Clermont-Ferrand), Antilles-Guyane (Fort-de-France) and Nord Europe (Lille).
Crédit Mutuel Alliance Fédérale also includes Caisse Fédérale de Crédit Mutuel, Banque Fédérative du Crédit Mutuel (BFCM) and all its subsidiaries, including CIC, Euro-Information, Assurances du Crédit Mutuel (ACM), Targobank, Cofidis, Banque Européenne du Crédit Mutuel (BECM), Banque de Luxembourg, Banque Transatlantique and Homiris.