FRANCE: Private investment firm Ardian has acquired a majority stake in Syclef, a leading French company specialising in the installation and maintenance of industrial and commercial refrigeration systems.
The acquisition, alongside the existing management team, was agreed with previous owner Latour Capital.
Founded in 2003 near Aix-en-Provence, Syclef has a workforce of nearly 800 people. Since 2015, Syclef has accelerated its buy-and-build strategy with the acquisition of 15 companies. Together with Ardian, the group intends to continue this consolidation process in a market which it describes as “still very fragmented”.
Syclef’s customer base is primarily composed of large and medium-size food retailers as well as companies in the food and beverage industry. The company operates a decentralised organisation structure with a network of 30 independent companies throughout the country.