Miura Private Equity, a Barcelona-based private investment firm, has reportedly reached a preliminary agreement to acquire French reefer specialist, Chereau.
Miura, which acquired Spanish OEM SOR Iberica in November 2015, also announced it plans to integrate both companies into a single enitity specialised in the design, manufacture and marketing of refrigerated trucks and semi-trailers.
“The Group will have more than 1,000 employees and aggregate sales volume exceeding €220 million. Both Chereau and SOR will maintain the independence of their brands in their respective markets,” Miura explained in a media statement.
The combined group will trade under the name ‘The Reefer Group’ and is expected to generate “significant value” through cost synergies and efficiencies achieved as a result of the integration of both companies.
The investment will be led by Miura and will include a group of European co-investors, including Edmond de Rothschild Investment Partners (EdRIP), Massena and Adveq. In addition, the management team will maintain a significant stake in The Reefer Group.
Miura is expecting The Reefer Group to become a leader in both the French and Spanish markets and play an important role in the Middle East and Africa.
“The new group will maintain its different brands and products to continue satisfying the needs of its clients in the various market segments within the refrigerated transport industry,” Miura explained.
“The production plants in both countries will continue operating and capacity will be enhanced in order to deal with the expected increase in demand. The Reefer Group will be run by highly regarded and experienced professionals coming from both Chereau and SOR.”
According to Miura, the transaction is expected to close in the coming weeks, after taking into account all relevant competition legislation.