Located on the historic site of Fournier Laboratories in Chenôve (Côte d’Or, Burgundy, France), the company employed 450 people.
Considered non-strategic, the Fournier Laboratories Group made the decision to separate from this subsidiary, with the main objective to identify a serious and robust buyer in order to ensure the sustainability of the activity and the jobs.
The analysis carried out by the team highlighted the following points:
- Since Plasto’s activity being considered non-strategic by the Fournier group, it suffered from insufficient managerial involvement;
- Plasto benefited from services provided by the Fournier Group (such as accounting, information systems, human resources management) which appeared oversized and often unsuited to the real needs of an SME with a turnover of € 80 million business;
- Yet the company’s markets had grown over the previous 5 years, between 3 and 4% per year;
- Finally, the company benefited from international locations and valuable patents.
- The entrepreneurial approach adopted by the team was found the best by the Le Lous family. An agreement on the operational and financial conditions of the operation was quickly reached. It included an upfront payment and an earn out. The carve out was therefore carried out in February 2003.
- The company then posted negative EBITDA of more than € 2m.
Strategy and Excelrise
At the same time, numerous reorganization measures were taken, such as the implementation of support functions adapted to the needs and size of the company (information system, finance, HR, etc.), structuring of the product range, revitalization. R&D, reducing the industrial complexity of the company and replacing certain key positions.
The mobilization of all employees and the development of a corporate culture based on entrepreneurship, autonomy and responsibility was decisive and then led to a new phase of expansion. In particular, the efforts devoted since the acquisition to R&D and the structuring of the product range led to the successful development of the BtoC activities with mass retailers.
This branch of activity was sold in 2010 to the main competitor, the 3M group, in excellent conditions.
In 2013, the group (renamed Adhex) was bought in LMBO by a member of the Excelrise team, Roland de la Brosse, who held the position of General Manager and who is currently the CEO of the company whose activity is flourishing.
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