Etanco

Region: France
Sector: Industrial

Nature of Business

Etanco is the leading designer, manufacturer and distributor of building fasteners and fixing systems in France. Headquartered near Paris with 600 employees, the company also has distribution entities in Belgium, Italy and Eastern Europe and exports to more than 20 countries around the world through its Italian subsidiary Friulsider.

Etanco provides a full range of 80,000 products to cope with all the fastening needs of the “building envelope” including waterproofing, roofing, cladding, facades and safety lines. This extensive product range enables Etanco to offer products that meet specific market requirements and growing environmental and European regulatory standards. The company runs an integrated business model with 30-40% of its products manufactured in-house, and offers world class logistics with all “customised” products being produced in small series and delivered in less than 48 hours directly to the construction worksite.

As a leading innovator of technical products, Etanco is well positioned to capitalise on the longer term trend of increasing thermal regulation (energy saving) across Europe.

Investment Overview

3i, and funds managed by 3i, acquired a majority stake in Etanco in October 2011. Our investment provides a platform to accelerate the company’s growth and strengthen its market position.

Through Active Partnership we launched a series of projects to further optimise the company’s sales force effectiveness including upgrading the CRM tools, to enable the benchmarking of pricing strategy for any given product or client and to analyse the consumption pattern of each of them; and the specialisation of the salesforce and reorganisation of the support sales services call centre, saving c.40% of time. This has helped the sales team focus more on new business opportunities.

Benefitting from a strong brand and market position, Etanco has successfully started to expand into adjacent product and client categories. Furthermore, together with management, we are determined to accelerate the international expansion of the Group. Over the last two years we have helped professionalise and refocus Etanco’s approach to export sales; it now focuses mainly on the Anchors ranges manufactured by its Italian subsidiary and has signed an exclusive distribution agreement in fast growing markets. Following this, exports have grown 20% per year.

To deliver its strategy the company needed to strengthen its 2nd line management. Together with the CEO, we recruited a new CFO, a Head of Supply Chain & Logistics and a Project Management Officer.

We are now focused on executing a buy-and-build strategy within the fragmented European market to either build a direct salesforce within a new market, or to buy complementary products ranges that could be distributed through Etanco’s existing salesforce.

Regulatory notice: This transaction involved a recommendation of 3i Investments plc, advised by 3i France.

3i office contact

3 rue Paul Cézanne
75008 Paris
Tel: + 33 1 73 15 11 00

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