Wendel acquires 95% share in Parcours
The acquisition has been made for €107 million with the remaining share being held by Parcours management.
Parcours, which is based in Puteaux, was founded in 1989 by its current head, Jerome Martin and currently has a workforce of around 240 and a fleet of around 41,500 vehicles.
The firm has seen a five-fold increase in sales over the last 10 years and had estimated sales of around €247 million in 2010. Parcours has a network of 18 branches in its domestic market and has expanded internationally since 2005 into Luxembourg, Belgium and Spain. More openings are planned for 2011.
Jerome Martin, chairman of Parcours, said: 'I am very pleased to welcome Wendel as a long-term shareholder of Parcours. This partnership is ideal for our company. Wendel's interest in our growth strategy, coupled with its willingness to support us in the long term will enable us to manage our growth projects well with the expansion of our high value-added "3D" services concept, in France and abroad.'
The closing of the acquisition of Parcours should take place during Q2 2011.