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Cinven to exit working-at-height devices maker Tractel after seven-year hold

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Private equity major Cinven has agreed to exit working-at-height devices maker Tractel for €500m enterprise value.

Cinven bought 80% of Tractel in 2015 from LBO France.

LBO France acquired its Tractel holding previously in 2007 with its White Knight Fund, for an enterprise value of around €310m.

Established in 1941, Tractel provides devices for working-at-height in the industrial, construction, energy, telecommunications and infrastructure sectors. It has more than 10,000 industrial distributor in 120 countries. It runs its manufacturing facilities in Europe, North America, China, Singapore and Turkey.

Cinven said it had grown the company through M&A, strengthened the management team and made international expansion during the seven-year investment period.

Pontus Pettersson, partner at Cinven, said, “Under Cinven’s ownership, Tractel has completed the acquisition of two significant businesses, successfully developing the brand and expanding the business. This has reinforced the strategic value of Tractel, and helped position the business for a trade exit.

“The combination of Tractel and Alimak will create a leading global business with significant opportunity for future growth, in a market where there is substantial room for further penetration of its products and services. We wish them the best in this next phase of their growth journey”.

The UK buyout house focuses its investments in business services, consumer, financial services, healthcare, industrials and technology, media and telecommunications.

It struck a €1.5bn final close for its inaugural fund focused on financial services investments in July.

The firm said the Strategic Financials Fund would target areas where it has developed significant investment expertise, such as life and non-life insurance and reinsurance, asset-backed speciality finance, wealth management, insurance distributors and other ‘capital light’ financial service providers.

It has agreed to buy a majority stake in Carlyle portfolio business Euro Techno Com Group two months ago, making it the first deal for its €1.35bn Europe Technology Partners IV fund.

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