The Reefer Group has entered a new phase of development following a major capital restructuring supported by a consortium.
It is led by Arkéa Capital, the Crédit Agricole Group and Épopée Gestion.
The group of majority investors is joined by eleven minority shareholders, marking one of the most significant financial moves in the company’s recent history.
Management, led by Chairman, Damien Destremau, has reinvested heavily as part of the new LBO. The revised shareholding structure now includes 63 managers and executives, who collectively hold around 19 per cent of the business. The new investor group also supports plans to progressively extend share ownership to all employees across the company’s entities.
The financing was arranged by a regional banking pool headed by Crédit Agricole Normandie and CIC Nord-Ouest, joined by several major French banking partners.
The Reefer Group, which owns the Aubineau Constructeur, Chereau and SOR Ibérica brands and more recently UK-based Paneltex, employs close to 2,200 people and reports annual sales above 420 million euros.
The transaction sets the foundation for the group’s next growth cycle, which focuses on international expansion, the integration of Paneltex, industrial optimisation and accelerating the energy and digital transition across its refrigerated vehicle portfolio.
Destremau said the company was grateful for the support of its outgoing shareholders, adding that the new consortium is aligned with the group’s long-term industrial and environmental strategy.
“With Arkéa Capital, the Crédit Agricole group, Épopée Gestion and our new pool of shareholders, we are embarking on an ambitious new chapter,” he said.
“Together, we share a desire to strengthen TRG’s position in Europe while accelerating the energy transition and creating sustainable value for all our stakeholders.”
Amundi Private Equity Funds, which exits its investment as part of the process, said the partnership with TRG had delivered strong strategic and financial outcomes. Managing Partner Claire Chabrier and Associate Director Frédéric Labia said the group had increased its revenue by nearly 70 per cent in four years while maintaining its innovation and ESG focus.
Arkéa Capital Investment Director Kévin Chaigneau said the consortium is confident in TRG’s industrial strategy and the strength of its regional roots.
“Its ability to combine technological performance, added value and environmental standards makes it a unique player that we are delighted to support over the long term,” he said.
Crédit Agricole executives Jean-Luc Creach and Manuel Leal said the bank is pleased to extend its long-standing relationship with the company as it expands further into Europe and pursues transport decarbonisation initiatives.
Épopée Gestion Associate Investment Director Yoann Malys highlighted TRG’s technological capabilities and the importance of its brands in supporting the energy shift across refrigerated transport.
“This industrial SME, a champion of Normandy, stands out for the excellence of its brands and its technological lead,” he said.
The transaction reinforces the group’s commitment to local employment, sustainability and responsible industrial growth.
In other news, Sunswap is expanding in France with its key product available through Normandy-based Chereau.
