Frans Bonhomme

Activity
Plastic pipe distributor
Transaction value
€893 million
Acquired
Dec 2005
Realised
Jul 2014
Sector
Industrials
Frans Bonhomme

Business
Frans Bonhomme is the market leader in the distribution of plastic pipes and fittings in France. The business is propelled by three main drivers: civil works / public entities spending on equipment; EU regulations on water treatment, which tend to favour plastic substitution; and general construction, maintenance, repair and improvement.

Strategy

Cinven already had a strong relationship with, and high regard for, the Frans Bonhomme management team, having previously owned the business at an earlier stage of its development. The Frans Bonhomme management team is focused on strategic initiatives including:

  • increasing the density of the network of outlets in France, targeting a significant number of new openings in the near term;
  • growing its presence in the greater Paris region where there is scope to gain market share; and
  • widening the range of products, for example with the introduction of protection equipment or boilers.

Progress
In 2011, the Company increasingly focused on operational excellence. In 2012 a new CEO was appointed and the management team concentrated on sales productivity, pricing policy, network optimisation, CRM and customer segmentation, inventory optimisation and the supply chain. A recent in-depth customer survey confirmed that Frans Bonhomme continued to enjoy an excellent reputation and franchise within its large customer base.

In December 2013, Cinven sold its majority shareholding in Frans Bonhomme, retaining a minority stake in the business.

Outcome
Cinven exited the business in July 2014.