IK Investment has agreed to buy into 189-year-old floor varnish specialist Blanchon, which is currently owned by fellow buyout house Abenex.
Abenex said it would significantly reinvest in the new transaction alongside IK. The deal marks the first investment made from IK Small Cap III, which was closed on its €1.2bn hard cap in April after a fully-virtual raise.
Founded in 1832, Blanchon produces varnishes for wooden and vinyl floors both to professionals and DIY retail networks.
Abenex bought into Blanchon in 2019. The company recently acquired Belgian company Debal Fiance, and has boosted its expected sales to €100m this year. The firm said a third of its sales is expected to be realised internationally in over 50 countries.
Arnaud Bosc, partner at IK Investment Partners and advisor to the IK Small Cap III Fund: “We have been impressed by Blanchon’s track record during the past few years. The group has built a unique position in the woodcare products market and has successfully pursued its international development strategy under Guillaume Clément’s strong leadership. We look forward to supporting the business and working with the management team and Abénex to help Blanchon become a clear European leader.”
IK Investments has made several exits of its long-holding portfolio companies recently. The firm agreed in June to sell fuel and lubricant testing specialist VPS to Fremman Capital, and in May to sell survival kit manufacturer Hansen Protection to trade buyer Survitec Group both after eight years in its portfolio.
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