Kartesia announces sale of Tiama to Caravelle
Kartesia, the European specialist provider of capital solutions for small and mid-sized companies, announces that the shareholders of Tiama (“the Group” or “the Company”) have reached a sale agreement with Caravelle, a French midmarket private equity investor. Caravelle will purchase 100% of the shares of the Group, pending the customary competition regulatory authorities’ approval.
Kartesia became a cornerstone creditor and shareholder of the Tiama in Q1 2014, when it purchased part of the original senior debt of the Company and implemented a full restructuring of Tiama’s balance sheet, reducing its debt package, providing it with new money financing and taking control in the process, primarily alongside EQT Credit Partners. Since then, Management led by Max Hodeau, and the shareholders have worked together to align the Company on its growth trajectory, capitalizing on Tiama’s market-leading share in core hollow glass inspection machines, but also launching new strategic initiatives, relying on R&D efforts as well as innovative commercial actions.
Damien Scaillierez, Managing Partner at Kartesia, said: “Our actions since 2014 allowed Tiama to better navigate the cyclical market environment and significantly strengthen its business and perspectives – which attracted the interest of a number of industrial and private equity buyers, looking to build on the momentum. Kartesia is happy to see a solid and ambitious firm such as Caravelle accompany Tiama and its management through the next phase of exciting development.”
Kartesia is an independent and privately owned specialist provider of financing solutions focused on small and middle market companies across industries in Europe. Kartesia has over €1bn assets under management and has invested in over 85 companies in France, Germany, Northern Europe, Spain, Italy, Benelux and the United Kingdom.
For more information visit: www.kartesia.com
Operating for more than 50 years, Tiama is the global leader of in-line quality inspection systems for the glass container industry, with vision and contact machines designed to control glass containers throughout the manufacturing process of its 350+ customers. Tiama is recognized in the industry not only as the market leader (over 65% worldwide market share) but also as a technological pioneer, with a unique team of c.90 R&D engineers (250 employees in total), focused on key projects aiming at delivering process analysis of the production line.
For more information visit: www.tiama.com