MBO+, through its MBO Capital 5 fund, has become majority shareholder of BHD Group alongside its CEO, Arnaud Meynial, and his management team, who are reinvesting in the transaction. Ouest Croissance, the group’s long-standing minority shareholder, remains on board alongside them, while Epopée Gestion is selling its stake.
With more than 50 years of expertise, BHD specialises in high-performance PVC-based technical textile solutions, some of which serve critical applications (protective solutions for the marine and aerospace sectors, fire-water tanks, pollution containment booms, etc.). Headquartered in Nort-sur-Erdre (Loire-Atlantique), the group covers the entire project value chain:
- sourcing fabrics, mainly from European suppliers,
- design, through an in-house engineering office in each subsidiary (around 30 dedicated FTEs),
- processing and fabrication across its 12 production sites in France and the Netherlands,
- delivery and on-site installation,
- preventive and corrective maintenance.
As France’s leading fabricator of technical textile structures, BHD generates more than €75m in revenue, employs around 390 people and serves over 3,000 business customers.
The group operates in around ten markets that are largely independent of one another: transport and industry, construction, agriculture and the environment, sports and leisure, aerospace, events, marine, defence and civil protection. Each has its own growth drivers, such as the boom in data centres, water management challenges or the ramp-up in aerospace production. This multi-sector exposure gives BHD a diversified and resilient profile, helping to smooth out the cycles specific to each of its markets. BHD stands out for the quality of its products, its technical expertise, its responsiveness and its value-added services, all of which reinforce its leading positions across its niche markets.
Since taking the helm at the end of 2022, Arnaud Meynial, a seasoned industrial executive with six LBOs under his belt, has led an in-depth reorganisation: consolidating sites, applying more rigorous project selection and refocusing on higher value-added activities. With this groundwork now complete, the group is entering a new phase of growth.
With MBO+ on board, BHD aims to become Europe’s leading processor of value-added technical textiles. To achieve this, the group plans to strengthen its coverage in France, accelerate its international roll-out and increase its exposure to higher value-added markets such as defence, aerospace and marine. It will also be able to complement its organic growth with targeted acquisitions in a fragmented European market. The group already has a proven track record in this area, having successfully completed and integrated some fifteen acquisitions over the past twenty years, including Printable, a Dutch specialist in digital printing on fabric, acquired in 2024.
“BHD brings together a rare combination of strengths: a presence in around ten markets with distinct growth drivers, an integrated model spanning everything from design to maintenance, and recognised expertise in several demanding niches. The work carried out by Arnaud and his team in recent years has given the group solid foundations, and it is now well placed to accelerate, both in France and internationally. We share Arnaud’s ambition to make BHD Europe’s leading processor of value-added technical textiles.” Raphaël Lahaye, Partner, MBO Buyout
“We got to know Arnaud on the ground, through site visits, meetings with the heads of each division and in-depth discussions on the group’s strategy. We saw first-hand the support he enjoys among his teams, some of whom have been with BHD for more than thirty years. His experience and his decision to reinvest alongside his managers ensure a strong alignment of interests for this new chapter. We are delighted to be backing him.” Charles Dubar, Partner, MBO Buyout
“We have spent the past few years building a better-organised, more efficient group. BHD can now focus fully on its development. For this new phase, we chose MBO+, a partner with majority-investor DNA, closely involved alongside us and able both to challenge and to support us. I would also like to thank Ouest Croissance for its continued confidence. Together with our teams, whose commitment I want to acknowledge, we look to the future with determination and ambition.” Arnaud Meynial, CEO, BHD Group
“After four years alongside BHD, we are delighted to renew our commitment to the group and its management team for this new stage in its development. The progress made in recent years and the prospects now opening up fully confirm our decision to stay invested. We also welcome MBO+, whose experience and ambitions for BHD will be valuable assets in supporting the group as it scales up, both in France and internationally.” Quentin Fournier, Investment Manager, Ouest Croissance