Sparring Capital announces the acquisition of a majority stake in Afitexinov, alongside its management team and Swen Capital Partners.
Established in 2019 following the merger of Afitex and Texinov, Afitexinov is one of the French leaders in the geosynthetics market, fabrics made of polymers used for the separation, protection, filtration, reinforcement or drainage of soils and surfaces.
Afitexinov is mainly specialised in the design, production and distribution of high value-added solutions for drainage and reinforcement, and also sells solutions for separation, protection and filtration. The group benefits from strong innovation capabilities (current portfolio of 23 international patents), thanks to its internal R&D team allowing the group to provide its clients with customized technical products, addressing the specific needs of each project.
The group benefits from a strong international presence: thanks to its production sites in France, North America (USA) and North Africa (Algeria), as well as its direct and indirect distribution network, Afitexinov generates almost half of its revenues outside France. This geographical coverage ensures responsiveness and commercial proximity to customers, while reducing transportation costs and time.
In a fast-growing global market (around 10% per year), and thanks to its innovative product positioning, the group has experienced steady growth in the past few years, generating c.€36m in 2022, and employing more than 150 people around the world.
Backed by its new shareholders, Afitexinov aims at accelerating its development in the upcoming years, by further expanding its geographical coverage (imminent opening of an entity in India) and by carrying out targeted external growth operations. Its development will also be driven by the dynamism of the underlying industries and the increasing penetration of geosynthetics in line with growing environmental concerns. In fact, thanks to their technical properties of filtration, waterproofing, separation or drainage, these products enable to preserve water and soils, and, thanks to their reinforcing proprieties, to extend infrastructures and roads lifetime.
As part of the operation, Sébastien Mathiot, current sales director, will become CEO of the group and succeed Yves Durkheim who will remain shareholder, alongside Didier Benamu, co-founder of the group. Yves Durkheim will also keep on supporting Afitexinov on strategic themes.
Sébastien Mathiot, future CEO of Afitexinov, declares: “The arrival of Sparring Capital as shareholder of our group will allow us to further boost our development in France and abroad, both on the industrial and commercial levels. Together with the management team, we are looking forward to the exciting challenges that await us in the coming years. The reinvestment of Yves Durkheim and Didier Benamu is also a sign of confidence that demonstrates their unfailing support at our side. “
For Yves Durkheim : “ This shareholders’ evolution enables the group to further grow while remaining in a strategic continuity. The commitment of the managers to the company’s project undeniably strengthens the employee’s motivation. I am very confident in the seriousness and the dynamism of the team to carry out and succeed in the projects’ development to come.”
Arnaud Leclercq, CEO of Sparring Capital, adds : “Afitexinov, which is positioned in a fast-growing market, quickly appeared to us as an attractive opportunity considering its innovative positioning on high-value added products. Indeed, the environmental dimension of the proposed solutions, which contribute to the protection of soils and natural resources, constitutes a very attractive growth driver. We are therefore enthusiastic about the idea of accompanying the group in its future development, both in France and internationally.”
Diego Aponte Vargas, Managing Director & Head of International Strategy at SWEN CP shares with us: “We are delighted to support Sparring Capital in the acquisition of Afitexinov. We were seduced by the quality of the management team, the market fundamentals, and the various development opportunities for the company. Afitexinov is a flagship of the French industry with a significant local presence and strong innovation capacity in the geosynthetics market”.
List of participants in the operation
Investors
Sparring Capital (Arnaud Leclercq, Tancrède Colas, Justine Roze),
Swen Capital Partners (Diego Felipe Aponte Vargas, Valentine Fauroux, Théodore Lecomte)
Sellers
AfricInvest (Stéphane Colin, Khaled Ben Jennet, Clémence Prach, Fatma Mebarek)
Founders
Yves Durkheim, Didier Benamu
Management
Sébastien Mathiot
Mezzanine
Swen Capital Partners (Diego Felipe Aponte Vargas, Valentine Fauroux, Théodore
Lecomte)
Senior bank
Crédit Agricole Centre-Loire (Ivaylo Todorov, Cécile Ormerod, Cyril Cochelin, Corine
Caplain)
M&A Advisors – Sellers
Translink (Jacques-Henri Rieme, Arthur Libier, Vincent Faure)
Legal Advisors – Sellers
Archers (Emily Pabot du Chatelard, Pierre-Emmanuel Simon, Margaux Azoulay)
Financial VDD
Advance Capital (Olivier Poncin, Gueorgui Gueorguiev, Charles Maillard, Robin Ansart)
M&A Advisors – Investors
Jacques Vachelard
Legal Advisors – Investors
Reed Smith (Marc Fredj, Guillemine Berne, Antea Bonito, Baptiste Gelpi, Hugo Le Ridou)
Investors’ financial Due diligence
Next! (Hervé Krissi, Laura Guérin, Baptiste Doche)
Investors’ strategic Due diligence
Neovian Partners (Patrick Richer, Léonid Dorogoï)
Senior bank’s legal advisor
Cornet Vincent Segurel (Bertrand Coste)
Mezzanine’s legal advisor
Fieldfisher (Jean-Baptiste Van de Voorde, Manon Pierre, Anne Ducros, Sonia Dib)