With Apollo, Verallia avoids social destruction – Challenges.fr

Apollo, new best friend of the tricolor industry? After weeks of suspense, the US investment fund wins Verallia, a specialist in glass containers (€ 2.4 billion turnover in 2014 of 397 million euros EBITDA). By aligning 2.95 billion euros, the American, following the record since 2007 has shown that he also had deep pockets. “A good multiple, 7.5 times Ebitda, even better than the one we got last year on the sale of the North American operations of Verallia (6.5 times), I would not believe that there are still three months! “ welcomes Laurent Guillot, the financial director of Saint-Gobain.

But Apollo was also able to show that he had nothing of the vulture funds eager for butchering of French industrial chips. The American, whose packaging is one of the flagship sectors, has promised the resumption of 47 production sites and 9,700 employees Verallia (excluding North America, sold in April to the Irish Ardagh 1.27 billion) . The glass industry – cheap and heavy – being very local, do you tip at Saint-Gobain, there will be no a priori social destruction program, including in France where Verallia employs 1,870 employees in six production sites.

This will reassure Emmanuel Macron, the Minister of Economy, who said in the spring, facing the worried unions that the state was “guarantor” the integrity of Verallia. “We chose Apollo, because it promises a great continuity with the management in place, it is committed to preserving, explains Laurent Guillot. And because of all tenders, it managed to quickly enter Bpifrance, with whom he had worked. “ The public bank should even get a ticket in the minority group in the coming weeks.

Achievement Constellium

The relationship between the US and Bpifrance funds do not date yesterday. From 2007, the two actors worked together on the aluminum specialist record Constellium (formerly Alcan EP), the last still standing pan of Pechiney empire. The group had been brilliantly rectified and an IPO in New York, leaving Apollo with a comfortable capital gain early 2014. The choice of Apollo Verallia was the more logical that Jean-Luc Allavena, the partner in handling the case, knows the sector for being the leader of the division-luxury cosmetics packaging Pechiney.

With Verallia, the American completes its fifth operation in the territory after Ascométal, Monier (Roofing ), Constellium and lately the aerospace subcontractor Latécoère in which Apollo will soon rise to 25% stake in partnership with the Monarch Fund. A list of conquests that the American owes its strike force ($ 170 billion in assets under management), but also formidable people skills of Jean-Luc Allavena, former lieutenant Jean-Luc Lagardère, and former director of cabinet of Prince Albert of Monaco.

Saint-Gobain, he does not sulk his pleasure. With this sale, he finally has something to continue shopping in the high-value materials, high strategic priority. “We have a plan of acquisition of 4 billion euros,” reminds Laurent Guillot. A plan of attack that the takeover of Swiss chemist Sika, the big fight in progress, remains a centerpiece.

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