Cerea acquires Pagès Group, the automation solutions' specialist
On 28th May 2020, Cerea and the company's management finalised the acquisition of Pagès Group, the specialist for high performance automation systems. Innovafonds, the previous shareholder, significantly reinvested in this new operation.Since its inception in 1984, the group has developed a unique expertise, renowned globally, in robotic In-Mold Labeling (IML) systems, thus placing it as the global leader in this niche market.
Under the initiative of Yannick Ains, the group's CEO, who succeeded Philippe Olichon in 2016, the group has progressively expanded its solutions and services offering, first with the acquisition of Polymac in the Netherlands in 2018 and then, with the acquisition of Process Industries in France in 2019. As a result, the group is now an expert in the integration of high performance automated robotic solutions: spiders, assembling, sorting, loading / unloading, monitoring, etc.
Established in the Jura region of France, and employing 160 staff members across 5 industrial sites, Pagès has annual revenues of over € 30M, more than two thirds of which being generated internationally thanks to its presence in the Netherlands, the United States, China and Australia. End customers are predominantly involved in food processing, but also include players from the medical and cosmetics sectors and, to a lesser extent, other industries.
Over the last four years, the group has accelerated its transformation by investing in the digitalisation of its organisation (implementation of collaborative tools, lean manufacturing etc.) and product offering (connected machines, predictive maintenance etc). Thanks to its experienced and dedicated teams, innovation and service quality are at the heart of Pagès Group's vision.
Following this transaction, Cerea owns a majority stake through its Cerea Capital II fund, while InnovaFonds, the seller, has reinvested significantly on a minority basis. The Management has reinvested as well and now holds an expanded share under the acquisition structure.
Pagès Group now embarks on a new development phase, centred on three priorities:
Reinforcement on the food processing and medical segments;
Development of the robotic offering;
Further expansion in international markets.
In the current, Covid-19 impacted, context, the group demonstrates strong resilience. The business benefits from a largely international footprint and from on-going demand across the food processing and medical sectors, for which the group is developing new promising solutions. Thanks to the quality and the commitment of the teams, Pagès Group kept is profitability and activity levels.
The transaction financing was completed through a bank loan arranged byBanque Populaire Bourgogne Franche Comté, subscribed also by CIC Lyonnaise de Banque and debt fund Muzinich.