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Siparex inks 5x return on Manuloc sale

11 Dec 2013

French SME investor Siparex has sold its minority stake in equipment lessor Manuloc to fellow shareholder CM-CIC Capital Finance for a return of close to 5x.

Manuloc is France’s largest lessor of handling equipment with a fleet of material handling equipment, including 14,000 forklift trucks. The company has 1,200 employees with sales of nearly €200m. Siparex invested in Manuloc back in 2002.

Benedict Métais, co-president for Siparex’s mid-market activities, said, “The operational excellence of this family business, remarkably led by Catherine Barthélémy, combined with ongoing research have led to internal and external growth, which enabled the Manuloc group maintain economic performance of the foreground. This support, over time, helped Siparex MidMarket I achieve a remarkable performance, with a nearly five times its investment multiple, which reflects the quality of the teams led by Manuloc Group.”

At the start of this year Siparex said it expects to maintain sustained levels of investment, despite the uncertain economic climate.

The firm said, “There are numerous disposal mandates in progress, which should prove fruitful over the year depending on how the economy develops.

“There are still many opportunities open to it on a market in which financing options for SMEs have become more limited.”

It made its first deal from its Siparex MidMarket III fund in January 2013, investing in French freight company Malherbe.

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