Frans Bonhomme I

Activity
Plastic pipe distribution
Acquired
Jan 2000
Realised
Sep 2003
Sector
Industrials

Business
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.

Strategy
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.

Outcome
Frans Bonhomme was sold in September 2003, achieving a multiple of 2.5 times our investment.