On March 23, 2021, MBO & Co sold its stake in Les Zelles to the management led by Laurent Demasles (CEO) and to a pool of new financial sponsors (Bpifrance, BNP Paribas Développement, CEGEE, Turenne Groupe, ILP) and delivered a cash-on-cash multiple over 3x.

This divestment, the 100th of MBO & Co’s team, comes through a secondary MBO structured around the first buyout FCPE (“Employee ManCo”) in France and completes an in-depth transformation of this former business unit of Saint-Gobain, today an emblematic industrial company in the Vosges region that employs 525 people.

Richard Broche, Partner at MBO & Co, commented: “We salute the commitment and remarkable work carried out by Laurent Demasles, who took over the management of the company in 2018, and all of the teams, who have succeeded in putting Les Zelles on a sustainable growth trajectory by consolidating its position as France’s leading manufacturer of PVC windows for collective housing and positioning it as a major player in the energy transition”.