Stirling Square Capital Partners (“Stirling Square”), a leading pan-European mid-market private equity firm, today announces the acquisition of Vernet SAS and Magnum Corporation (together “Vernet” or the “Company”).
Founded in 1927, Vernet is the global leader in the design and manufacturing of fluid thermostatic regulation components primarily for the Sanitary, Heating/Ventilation/Air Conditioning, Automotive and Industrials end-markets. With more than €145 m of sales worldwide, it serves as the innovation and solutions leader for an established customer base of international OEMs, and maintains significant market shares across each of its core products. The Company is headquartered in Ollainville, France and employs c. 870 people across five manufacturing facilities in France, the United States, China and Argentina.
Julien Horreard of Stirling Square said: “Vernet is the genuine innovation and manufacturing leader in its field, with long term customer relationships, industrial know-how and intellectual property developed over its 90 year history. It is an honour to partner with Jean Sébastien Frank and the Vernet team as we seek to leverage existing capabilities to further penetrate international markets.”
Jean Sébastien Frank, President of Vernet and grandson of the Company’s founder stated: “I am extremely pleased to culminate the transaction. Vernet was founded in 1927 and has been under my family’s management since that time. Stirling Square has a proven track record in partnering with family-owned businesses. I am proud to represent my family’s legacy and invest alongside our new partner as we write the next chapter in Vernet’s story.”
Benoit Halard, CEO of Vernet, added: “Partnering with Stirling Square is a key milestone for Vernet. Their investment is recognition of the success we have had over the course of our long history, but also a vote of confidence in our future potential. I look forward to working with Stirling Square as we continue to innovate and grow the business in the coming years.”
The transaction represents the ninth platform investment in Stirling Square’s Third Fund.