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Acquisition

2020

Inessens expands into the world of fragrances and cosmetics by joining forces with Étiquettes Haas and TLS Étiquettes.

Customers and counterparties

Inessens, a major player in the printing of labels for wines and spirits, is diversifying with the acquisition of an interest in Étiquettes Haas, a company based in the greater Paris area, and its sister company TLS Étiquettes, a specialist in labels for fragrances and cosmetics.

 

Family-owned Étiquettes Haas was formed over a century ago and boasts a very high level of technical expertise. Over the years, it has become recognised as a specialist in the production of labels for high-end products. Its prestigious customers include L’Oréal, Chanel, Bourjois and Guerlain. The company was founded in 1915. It moved into adhesive labels in 1962 and integrated digital printing know-how with the acquisition of TLS Étiquettes in 2005. Étiquette Haas is still run by its founding family and will undergo a gradual change of governance over the next two years.

With this move, Inessens will be able to gradually integrate Étiquette Haas’ specific expertise. It is also acquiring its first greater Paris-based operation. In return, Étiquettes Haas and TLS Étiquettes will benefit from Inessens’ sales force and know-how in the wines and spirits market, which presents a very good complementary fit with their own market. This acquisition fits in with Inessens’ development strategy, which began with the merger of the Aset (Montreal in Aude) and Bidoit (Cognac) printing works, followed by the addition of new production sites with the acquisition of the Burgundy-based Roy printing works (Chassagne-Montrachet), together with the Roubey printing works (Orange) and the creation of Digit Labels (Cadaujac) in 2015.

With combined revenue of nearly €10 million, Étiquettes Haas and TLS Étiquettes will enable Inessens to exceed €55 million in revenue in the next financial year. Founded and managed by Eric Groshens, Inessens is looking for additional external growth opportunities that will enable it to further extend its geographical reach and position itself in new markets.

PAX Corporate Finance was the exclusive buy-side advisor in this deal, which involved identifying and negotiating with a large number of potential targets. As early as 2017, work was carried out to identify synergies between the two companies and now, two years on, this has culminated in their effective merger. With this deal, PAX Corporate Finance is extending its sector coverage in high-end packaging and point-of-sale displays. Its work with Inessens in the past months echoes recent deals carried out for RC Concept (point-of-sale displays) and Leader Print Group (digital printing) in related sectors.

Associate members