The European arm of US-based turnaround private equity firm Sun Capital Partners has acquired Manoir Industries, a French manufacturer of metal components and assemblies, in secondary buyout. It paid Fin’Active, a French private equity firm, an undisclosed sum for the business which Fin’Active acquired in 2005.
The investment comes out of Sun Capital Partners’ fourth fund, which has commitments of $1.5 billion (€1.1 billion), and which was raised in April 2005. The firm is expected to go back fundraising later this year with a $4.5 billion target.
Nathaniel Meyohas, the firm’s vice president, said: “This is a new sector for us; we think there is fantastic opportunity for growth in the sector. Manoir also has a tremendous position in the market place.”
Manoir Industries had sales in 2006 of more than €335 million. It has offices in France, the US, the UK, Japan and Italy.
Founded in 1995, Sun Capital Partners has $3.5 billion under management, and operates from offices in New York, Los Angeles, London and Tokyo.
Deloitte advised the private equity firm.