Investec has advised the shareholders of SDAG Adhésifs in delivering a new LBO transaction sponsored by InnovaFonds and Bpifrance
About the deal
Founded in 1985 and based in Weyersheim (Alsace), SDAG Adhésifs is the French leader in the distribution of consumables for professionals in the visual communication and signage industries. The Group operates through three locations in France (Weyersheim, Nantes, Paris) and two internationally (Switzerland and Belgium), and benefits from strong partnerships with leading global manufacturers of adhesive solutions (ORAFOL, 3M, MACTAC), complemented by its own brand, SD Médias.
With c. €50 million in revenue, SDAG Adhésifs has experienced sustained and continuous growth, driven by strong customer loyalty, the quality of its offering combined with recognised technical advisory expertise, and high reactivity. The Group has established a leading position in France by leveraging the breadth of its product range – comprising over 12,000 SKUs – and excellence in customer service. SDAG Adhésifs has undergone a major transformation following Siparex’s minority investment in 2021, nearly doubling its revenue through robust organic growth in France and neighboring countries, the strong development of its own brand SD Médias, and the completion of three acquisitions.
To accelerate the Group’s development, Didier Hariot and Bertrand Delhoume have chosen to partner with InnovaFonds and Bpifrance to support a new phase of growth. This shareholder reorganisation allows Didier Hariot to retain a majority stake, enables Bertrand Delhoume to significantly increase his shareholding, and facilitates the exit of Siparex Midcap, a shareholder since 2021. In this new chapter, the Group aims to accelerate its international expansion, continue enhancing its product offering, and explore external growth opportunities, several of which are already under consideration.
Our role
Investec supported SDAG Adhésifs’ shareholders throughout the entire sale process:
- Defining the strategy and the timeline of the deal,
- Designing the equity story,
- Drafting the marketing documentation,
- Qualifying financial buyers which were most likely to value SDAG Adhésifs’ positioning and support the group’s development,
- Assisting management in drafting the business plan,
- Coordinating due diligence,
- Raising the debt package required for the deal,
- Monitoring of a competitive process,
- Negotiating best terms & conditions for the deal.
“”– Didier Hariot, CEO, SDAG AdhésifsFollowing an off-market transaction completed with Siparex in 2021, we had the pleasure of working with the Investec team, who supported us in preparing for our secondary LBO. The team demonstrated strong pedagogical skills, great attention to detail, and a high level of commitment in helping us structure a successful transaction. It has been a very positive experience that we would be delighted to repeat!
“”– Bertrand Delhoume, Managing Director, SDAG AdhésifsThe Investec team very quickly developed a deep understanding of our business and its specificities. The transaction process was executed with great rigor, while fully adhering to the agreed timetable. Investec coordinated all parties involved in the transaction efficiently, ensuring strict alignment with the defined scope and requirements. For all these reasons, I would highly recommend the team.
