The Concarneau-based Piriou Group, specialized in the construction and repair civil and defense vessels, has just issued 17 million euros Obligations Relance with Épopée Gestion. These bonds will help finance the group’s production investments and accelerate its development in new markets such as cargo sailing ships.
Half a century of experience and continuous growth have made Piriou France’s leading private and independent shipbuilding and repair group. Founded in 1965 in Concarneau by the Piriou brothers, the shipyard initially specialized in fishing boats. Remaining in the family fold, it opened up to other sectors such offshore, towing and maritime transport, and began to expand internationally in the 1990s. Piriou then positioned itself in the naval defense sector, creating the Kership joint venture with Naval Group in 2013, of which it is the majority shareholder, and executing major contracts in France and abroad.
Vincent Faujour, who joined the company in 2010 and became Managing Director in 2015, will become Chairman of the Group, which will be taken over by its management in 2020. In 2021, Piriou acquires Piriou ATG Romania, reinforcing its production capacity in the European Union. Forerunner of the new generation of sailing cargo ships, Piriou also demonstrates its ability to innovate and contribute to the decarbonization of maritime transport.
The group has a unique competitive position: Piriou builds high value-added ships up to 120 meters long, while remaining competitive thanks to its integrated high-performance engineering and its locations in Europe, Africa and Asia. With a very full order book, the group has applied for Obligations Relance to finance its productive investments and its development in its growth markets.
Obligations Relance are term loans with an attractive interest rate of 6-8% p.a., designed to finance growth recovery in the wake of Covid19. The €2.7 billion scheme, 30% of which is guaranteed by the French government, is distributed to French SMEs and ETIs by management companies such as Épopée Gestion.
For Épopée Gestion, this operation is fully in line with its ambition to support the development of regional champions in the French regions, and to encourage job creation, particularly in businesses that contribute to decarbonization, such as the cargo sailboats built by the Piriou Group.
Aymeric Le Renard, Associate Investment Director at Épopée Gestion, comments: “Piriou is an important company in Brittany, with sites in Concarneau and Lorient. We are delighted to use the Obligations Relance to support the group in its growth and diversification, particularly towards carbon-free transport.”
Vincent Faujour, Chairman of Piriou, comments: “After doubling our sales in two years, we wanted to strengthen the Group’s investment capacity. Épopée Gestion has developed a competitive offer, complementary to banking tools, and demonstrated responsiveness and professionalism in its implementation. As a result, we now have the financial resources we need for our long-term development.”
The Épopée Gestion team in charge of the operation
Aymeric Le Renard accompanied by Gauthier Verdon, TGS France Avocats
Piriou’s advice
Guillaume Morineaux, Lamartine and Olivier Marion, PwC Transaction Services Bertrand Coste, CVS, counsel to the lenders