Sale of the majority stake of Chéreau

Established in 1953, Chéreau is the French n°1 and European n°3 manufacturer of refrigerated vehicles. Present on 20 countries, Chéreau sales more than 3 000 units per year and generated more than €170m of revenues in 2015 (including 40% outside of France). The management team, advised by Natixis Partners, sold the majority of its shares to Miura Private Equity, a Spain-based private equity firm, which is also, since November 2015, the majority shareholder of Spanish n°1 manufacturer of refrigerated vehicles, Sor Iberica. Representing a combined revenues of €220m, Chéreau and Sor Iberica will create The Reefer Group, a European leader on the refrigerated vehicles segment. Thanks to significant commercial and purchasing synergies, The Reefer Group intends (i) to strengthen its position of reference player in France and Spain, and also (ii) to consolidate its leading position in Europe, Middle-East and Africa. The transaction was supported by Edmond de Rothschild Investment Partners, Massena Partners and Adveq.