Frans Bonhomme I
This €416 million secondary buyout was completed in January 2000.
Frans Bonhomme is the leading distributor of PVC tubes and pipe fittings in France. Its highly experienced management team built up the specialist distributor over a number of years, benefiting from the growing use of plastic piping products in construction and industry.
Under Cinven’s ownership, organic growth was driven by accelerating the programme of outlet openings. By the summer of 2003, over 50 new depots had been opened, taking the total to well over 200. Cinven added a corporate development director to evaluate expansion by acquisition and improved operational leverage through working capital and cost control.
Frans Bonhomme was sold in September 2003, achieving a multiple of 2.5 times our investment.