Business transfers

May 2017

PAX CORPORATE FINANCE advises MICROSTEEL - CIMD shareholders on their sale transaction.

Customers and counterparties

MICROSTEEL – CIMD, a precision foundry company, has found new shareholders: the French company is being taken over by a pool of financial investors in association with Mr Christian Evette, Chairman of BESNARD SAS, who will supervise the operational management of the new entity.

MICROSTEEL – CIMD is composed of 2 complementary plants, specialized in high-alloy steels, superalloys and titanium, located near Rennes: a precision investment casting plant using air technology and mainly vacuum melting and a centrifugal casting unit equipped with high-performance machining equipment. With approximately 80 employees, the company serves various markets, mainly aerospace and defence, energy, industry and medical. Since 2006, MICROSTEEL-CIMD has been managed by Daniel Pain. During the last financial year, the company achieved a total turnover of more than 12 million euros with an EBITDA of approximately 2 million euros.

BESNARD SAS, located in La-Selle-la-Forge, is a company specialized in the design and machining of prototypes and thermoforming moulds in steel, aluminium, copper, stainless steel, resin, plastic and Teflon. Employing around 35 people, BESNARD SAS has a portfolio of clients from the aerospace and automotive industries. Managed since 1996 by Mr. Christian Evette, the company achieved a total turnover of more than 4 M€ with an EBITDA margin of 12.5%.

According to Daniel Pain, the association of the two MICROSTEEL entities – CIMD and BESNARD SAS should create significant synergies for their customers who require machined parts that are increasingly ready for use. The new entity will also benefit from an experienced and talented workforce.

Karine Curtis, partner at PAX CF: “We are very pleased to have had the opportunity to work on this transaction with the management and shareholders of MICROSTEEL – CIMD, which had, for several years, made significant investments to maintain the company in a leading position in its very difficult markets while maintaining its operating margins at a high level.

Associate members