A consortium of majority investors formed by Arkéa Capital, the Crédit Agricole Group – through UNEXO, IDIA Capital Investissement and Crédit Agricole Normandie – and Épopée Gestion is supporting The Reefer Group (TRG) in its new phase of development.
This new round of financing also brings together eleven other investment funds within a pool of minority shareholders: Alian Industries Dev, Bpifrance Investissement, Caisse d’Épargne Normandie Capital Développement (CEN CD), Entrepreneur Invest, Esfin Participations, NCI, Normandie Participations, Ouest Croissance, Picardie Investissement, Sodero Gestion and Volney Développement.
The management team, led by Damien Destremau, is reinvesting significantly in this new LBO operation.
This is accompanied by an expanded management shareholding structure, bringing together 63 executives and managers from the group, who now hold approximately 19% of the capital. The new shareholders also support The Reefer Group’s plan to gradually open up the capital to all employees of its entities, in order to strengthen the sense of belonging and align the interests of all in the long term.
The financing was structured by a regional banking pool led by Crédit Agricole Normandie and CIC Nord-Ouest. The other members of the banking pool are: Arkéa Banque Entreprises et Institutionnels, Caisse d’Epargne Normandie, Caisse d’Epargne Bretagne – Pays de Loire, Banque Populaire Grand-Ouest and BNP-Paribas.
A new milestone for a European leader in on-board refrigeration
The Reefer Group is a bodybuilder and manufacturer, a major European player in the manufacture of temperature-controlled vehicles, bringing together the Aubineau Constructeur and CHEREAU brands in France, SOR Ibérica in Spain, and most recently Paneltex in the United Kingdom.
The group employs nearly 2,200 people and has a turnover of more than €420 million.
This operation marks a new phase of development based on:
- continued international growth and the integration of Paneltex;
- energy and digital transition of a complete range of refrigerated vehicles;
- industrial consolidation and the development of synergies.
Proud of its regional roots and industrial presence in the territories, TRG intends to continue its development in line with its CSR commitments: responsible innovation, local job creation and carbon footprint reduction in particular. These shared corporate values were a strong point of convergence between the management team and the new investors, all of whom are based in the region and committed to a sustainable and respectful vision of the future.
Damien Destremau, Chairman of The Reefer Group: “We would like to warmly thank our previous shareholder- —Amundi Private Equity Funds, UNEXO, Bpifrance Investissement, Ouest Croissance and their regional partners—for the trust and support they have shown in our growth since 2021.
With Arkéa Capital, the Crédit Agricole group, Épopée Gestion and our new pool of shareholders, we are embarking on an ambitious new chapter. Together, we share a desire to strengthen TRG’s position in Europe while accelerating the energy transition and creating sustainable value for all our stakeholders.”
Claire Chabrier, Managing Partner, and Frédéric Labia, Associate Director at Amundi Private Equity Funds: “After four years of an exemplary partnership, we would like to thank Damien Destremau and the TRG management team. We are proud of what we have achieved together: the group has increased its turnover by nearly 70% over this period by combining organic growth with two acquisitions in France and the United Kingdom, while remaining focused on innovation and ESG. This milestone illustrates what can be achieved when strategic vision and responsible commitment come together.”
Kévin Chaigneau, Investment Director at Arkéa Capital: “At Arkéa Capital, we are particularly proud to have led this transaction and, alongside Crédit Agricole Group and Épopée Gestion, to have brought together a consortium of investors who share the same ambition for The Reefer Group. We have every confidence in Damien Destremau and his teams, with whom we have a long-standing close relationship. Their industrial vision, backed by strong regional roots, is a real asset for the group’s development. Its ability to combine technological performance, added value and environmental standards makes it a unique player that we are delighted to support over the long term, in line with Arkéa Capital’s vision as a committed investor.”
Jean-Luc Creach, Chief Executive Officer of UNEXO, and Manuel Leal, Chief Executive Officer of IDIA CI: “The Crédit Agricole Group, a long-standing partner of The Reefer Group, is delighted to support Damien Destremau and the management team in this new phase of development focused on Europe and the decarbonisation of transport. Several of our structures are involved, including UNEXO, which already has a stake in the company, joined by IDIA Capital Investissement and Crédit Agricole de Normandie for this new operation.”
Yoann Malys, Associate Investment Director at Épopée Gestion: “We are delighted to support Damien Destremau and his team in this new phase of growth for The Reefer Group and to help accelerate its international development. This industrial SME, a champion of Normandy, stands out for the excellence of its brands, its high-end expertise and its technological lead, which is essential for a successful transition to electric power. At Épopée Gestion, these challenges resonate particularly well with our ambition: to develop international champions from within the regions, combining industrial performance with a long-term vision.”