FRANCE: French ice machine manufacturer Geneglace has been the subject of a management buy-out from the GEA Group.
The buy-out was led by GEA Refrigeration France MD Serge Vidal, who has been involved with Geneglace for nearly 30 years, since joining the company as domestic sales manager in 1989.
Based in Les Sorinières, near Nantes, Geneglace produces a wide range of flake and liquid ice machinery, including ice generators and storage systems.
GEA says it decided to sell the business for “strategic reasons”, explaining that its focus was increasingly on “the production of complex technologies and solutions for sophisticated production processes.”
“We are pleased to be able to put the production of Geneglace into experienced hands,” said GEA Group CEO Jürg Oleas. Our long-standing cooperation means that we are very familiar with Serge Vidal’s qualities and are convinced that this solution also ensures the best possible continuity in the interests of customers,” he added.
GEA Geneglace has 30 employees with a turnover last year of €12.5m.