Printing firm CPI has been acquired by the Impala group in combination with Bbifrance for €21m (£18.3m).
The French conglomerate Impala has taken a 52% stake in the €450m-turnover-a-year company, while Bpifrance, the state-owned French bank, has a 24% stake. The remaining 24% of shares are owned by private investors and management.
CPI negotiated a refinancing of its debt in the sale deal, reducing it from €120m to €15m. The company said: “This reduction will also strengthen CPI’s ability to make investments to better adapt to changes in its market and maintain its leadership position in Europe.”
The new investors have also agreed to pump €21m in equity and quasi-equity into the business to support CPI’s development.
The chairman of Impala, Jacques Veyrat, said: “We intend to show, along with the company’s management, that it is possible to pursue an ambitious, value-creating strategy in a declining and evolving sector.”
Bertrand Finet, executive director of Bpifrance Investissement, added: “Bpifrance's participation in this transaction is intended to enable CPI to carry out the investments it needs to modify its business model, maintain the integrity of the company and increase its financial strength.”
CPI employs 3,000 people in Europe and prints approximately 500 million books a year.