14 November 2019

Formes & Sculptures x CM-CIC Investissement

Cession

Formes & Sculptures is shaping the future with CM-CIC Investissement

Customer Formes & Sculptures

Formes & Sculptures is a well-known French creator of merchandising material and temporary and permanent POS displays for the luxury and cosmetics sectors. Founded in 1985 by Jacques Tenenhaus, today the group is headed by Mathias Tenenhaus. By opening its capital to an investor for the first time, the SME, which generates €35 million in turnover, wishes to expand its international presence, particularly via external growth operations, and involve the key executives in building a real project focused on the future, while maintaining its independence.

Counterparties CM-CIC Investissement

Venture capital, private equity, buyout capital, M&A advisory: CM-CIC Investissement, a subsidiary of Crédit Mutuel Alliance Fédérale, carries out all capital structuring transactions to meet businesses' equity financing needs. In addition to professionalism, a resolutely human perspective and close ties with business owners, CM-CIC Investissement’s consistent, long-term support defines the success of its approach. CM-CIC Investissement invests its own capital (€3 billion) in more than 350 companies that make up its investment portfolio. CM-CIC Investissement has expanded its international activities under the CIC Capital brand from its original base in Canada (Montreal and Toronto) to the United States (New York and Boston) and Europe (Frankfurt, Zurich and Geneva).

Formes & Sculptures primarily targets the cosmetics, perfume and luxury industries, the main consumers of POS displays. The family group’s agility in the creation process sets it apart from its competitors. Production facilities located at three sites (France, Serbia and China) are able to quickly handle large international projects as well as short runs for local markets. They include multi-equipment plants at which temporary POS displays and permanent units are produced at the best quality-price ratio based on eco-design principles. The company has developed a highly innovative integrated CSR approach – still rare in this sector – which takes into account the product’s life cycle from design, manufacture and installation to recycling.

In addition, Formes & Sculptures is a leader in the international formal sector, particularly in China, which gives it broad access to the Asian market. The group’s 150 employees are based in Bléré (37), which houses an engineering department and an 18,000 m2 factory, and Paris, home to the creative studio and commercial services.

“We would like to scale up by increasing our international presence and expanding our business to include the watch, jewellery and eyewear markets. Switzerland and Italy are targets for expansion among luxury firms, through internal or external growth. CM-CIC Investissement’s long-term supportive approach, its expertise, its pragmatism and its network appealed to us, because they give us relevant analysis tools that help us make strategic choices. We plan to double sales in five to seven years,” explains Mathias Tenenhaus.

“We are investing €7.3 million in this outstanding family-owned SME, which in 30 years has been able to build a portfolio of 220 prestigious brands in a demanding and challenged sector. We believe in its development capacity, particularly in a fragmented market conducive to acquisitions in which we will be sure to participate. Formes & Sculptures’ strong selling points include its high quality, its full service offering, its ability to respond to international calls for tender, its robust business model and the complementary strengths of its top management, which is investing heavily in the transaction. We believe this positioning will enable Formes & Sculptures to continue to grow both in its historical market segments and in the new targeted sectors,” explain Thierry Aubert and Romain Freismuth, Investment Managers at CM-CIC Investissement.