Ashurst has advised Crédit Agricole CIB, acting as the sole arranger and bookrunner, in connection with the sale of the Sermeta Group (formerly Giannoni France) by Carlyle, to co-founder Joseph Le Mer.

The transaction will result in Joseph Le Mer regaining the control of the Sermeta Group, with Bpifrance, Arkéa Capital Partenaire and Unexo participating as co-investors. The Sermeta Group specializes in manufacturing heat exchangers for boilers. Carlyle has therefore sold 65 % of the share capital, which it has held since 2010.

Investors provided a total of €272 million new equity, alongside senior debt of more than €400 million, and in addition to existing equity contributed to the new acquisition structure.

The Sermeta Group is the world leader in the design and production of stainless steel heat exchangers for gas condensing boilers. The company employs 600 people, generating an annual revenue of close to €186 million and producing more than 1.65 million heat exchangers every year. Its products are recognized globally for their performance and contribute to a 30% reduction in greenhouse gas emissions as well as cutting energy costs for the consumer.

The Ashurst team in Paris was led by partner Diane Sénéchal and counsel Amanda Bevan on the financial aspects, partner Bertrand Delaunay and counsel Anne Reffay on the corporate aspects and counsel Priscilla van den Perre on the tax aspects.