Opterm, supported by Sparring Capital, acquires SIIN
Opterm group (formerly ITB Groupe and Tchoulfian), supported by Sparring Capital since January 2024, has initiated its external growth strategy and expanded its footprint in the Hauts-de-France region with the acquisition of SIIN.
Founded in 1990 and managed by Frédéric and Peggy Blondel, SIIN (Société Industrielle d’Isolation du Nord) is a company specialising in insulation works, mainly thermal insulation, electrical tracing and flocking. Located between Cambrai and Arras, it operates throughout the Hauts-de-France region, serving both industrial and commercial clients. With sustained annual growth over recent years, SIIN achieved revenues of €4m in 2024 with nearly 35 employees.
Headed by Jean-Michel Allaert since Sparring Capital acquisition in January 2024, Opterm group (formerly known as ITB Groupe and Tchoulfian) has strengthened its presence in the Hauts-de-France region with this acquisition, and will benefit from a new client base in the tertiary sector (with a presence on industrial sites), enabling the group to leverage commercial synergies with its existing entities in the region (ITB, Isonor and Qualisol).
Opterm group, which now comprises five entities including ITB, Isonor, Qualisol and SIIN (based in Hauts-de-France) and Tchoulfian (based in the Rhône-Alpes region), supports its clients in the context of construction, renovation and maintenance projects for industrial and nuclear sites. It provides tailor-made global solutions for sectors such as the agri-food, pharmaceutical, chemical, petrochemical and nuclear industries.
The group currently employs nearly 400 people and will achieve consolidated revenues of nearly €45m by 2024.
With this first acquisition, Opterm has launched its external growth strategy and aims to become a major national player in thermal insulation. By participating in the dynamics of reindustrialisation and energy efficiency of industrial and nuclear sites, and by supporting the emergence of new industrial fields, the group expects to accelerate its expansion over the coming years.
As a result, Opterm aims to continue strengthening its national footprint through acquisitions throughout France.
Jean-Michel Allaert, Opterm CEO, explains: “We select our acquisitions very carefully, our selection criteria focus on recognition, professionalism, service quality and the dynamism of the company promoted by its management teams. We also choose them for the complementary nature of their business and their proximity to existing customers and based on areas of activity with strong expansion potential. SIIN perfectly meets these criteria, providing a solid foundation on which to pursue our activities in a highly dynamic but also highly demanding sector”.
Frédéric Blondel and Peggy Blondel, Managing Directors of SIIN, commented: “We are very pleased to see SIIN joining the Opterm group. This integration provides us with an excellent opportunity to continue our development within a leading group. This new step will bring significant opportunities for everyone.“
Adrien de La Bouillerie, Director at Sparring Capital, added: “The integration of SIIN teams into Opterm strengthens the group offering in the Hauts-de-France region, particularly with tertiary sector customers. This acquisition contributes to the development of a leading national player in thermal insulation, focused on the energy efficiency of industrial and nuclear sites.”
List of participants in the Transaction
Opterm:
Jean-Michel Allaert, Joan Husté
Sparring Capital:
Arnaud Leclercq, Adrien de La Bouillerie, Raphaël Campion
SIIN:
Frédéric Blondel, Peggy Blondel
Senior lenders:
Caisse d’Epargne Hauts-de-France (Guillaume Verschaeve), Société Générale (Anne-Laure Veauville)
CIC Nord-Ouest (Pierre Bulteau)
Acquirer legal advisors:
Corporate: Archers (Emily Pabot Du Chatelard, Pierre-Emmanuel Simon, Marie Gagnaire)
Social: Solveig Avocats (Odile Dupeyre)
Financial Due Diligence:
Bridge Advisory (Frédéric Claquin)
Sell-side legal advisor:
Fiteco (François Cresta)