GSA Goes with the Flow in French Valve Sale

  • mar. 2007

Livingstone and its French Global M&A partner Financière
de Courcelles (‘FdeC’) have completed the sale of La
Robinetterie Industrielle (‘LRI’) on behalf of GSA
Group Pty Ltd of Australia (‘GSA’).

LRI, headquartered in Montreuil, in the outskirts of Paris, is
France’s leading independent distributor of valves and pumps
to the commercial HVAC and industrial markets. The company employs
160 staff across 13 distribution outlets, services by two regional
centres in Montreuil and Carcassone. LRI is on course to achieve
sales of €40 million in 2005.

Founded in 1947, LRI was acquired by GSA in 1993 and has since
purchased three regional distributors to achieve a comprehensive
national coverage. Melbourne-based GSA is one of the world’s
leading manufacturer’s of safety valves for the plumbing
industry. Family-owned, GSA generates sales of approximately
€200 million.

Following a strategic review, GSA concluded that LRI would be best
developed further by a new strategic partner and approached
Livingstone to handle the sale. Comments Livingstone partner Jeremy
Furniss, “We immediately involved Veronique
Zeid-Maurel, the partner at our French Global M&A partners,
FdeC, with whom we have handled several transactions for large
groups in the recent past, including Honeywell and Avon
Rubber”.

The opportunity attracted considerable interest among trade buyers
internationally but FdeC concluded that a private equity backed
deal would offer the best result for GSA. LRI’s President,
Christian Chaudron, was keen to continue the business’s
development as an independent distributor and has led a management
buy-out of the company, backed by French private equity house,
Quartus. Founded in 1998 by Patrick Jemelen, Antione de la
Rigodiere and Frederic, Quartus invests in mid-cap non-listed
companies with significant growth potential.

Livingstone deal leader Daniel Domberger comments,
“This is an excellent example of our cross-border
capability, acting for an Australian group on a French deal. Our
Global M&A partnership gives us a quite unique reach for
clients interested in completing cross-border deals with values of
between £10m and £100m”.

The LRI deal represents a further success for Livingstone’s
Engineering team, which has an excellent track record in the valves
and flow control sector, having handled the sale of non-core
businesses for such major groups as IMI, Meggitt and Tyco.

Jeremy Furniss, Partner
Tel: 020 7484 4703
Email: jfurniss@livingstonepartners.co.uk

Daniel Domberger, Deal Leader
Tel: 020 7484 4731
Email: ddomberger@livingstonepartners.co.uk


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