Miura Partners exits TRG to a consortium led by Amundi

Miura Partners has divested its stake from The Reefer Group (TRG), the European leader in the production and commercialization of high-quality customized refrigerated semi-trailers, trailers and trucks, after reaching an agreement with an investor’s consortium led by Amundi Private Equity Funds (Amundi). The new consortium has entered the shareholding with a majority stake together with the management team that reinvests in the project.

Amundi is a leading asset manager and one of the largest in Europe with €1.7 trillion of assets under management. Amundi PEF is one of the main players in European private equity investments, with €9 billion in assets. The firm is committed to supporting the growth of small and medium-sized companies and currently has a portfolio of more than 50 companies in France.

TRG is the result of the consolidation project of Sor Ibérica (Valencia, Spain, 1970) and Chereau (Ducey, France, 1950), companies in which Miura invested in 2015 and 2016 respectively. Both companies are the Spanish and French leaders in the design, production and commercialization of custom-made refrigerated semi-trailers and trucks, benefiting from an undisputable position in France and Spain, and a well-established position in the European Union.

Miura Partners exits TRG after five years of partnership in which the company has successfully deployed a plan of reinforcement and professionalization of the management team, has doubled the production capacity at Sor Ibérica and has implemented successful projects based on efficiency and productivity. Over the last years under Miura’s ownership, TRG reached exports outside France and Spain of 30%, a consolidated market share in Europe of 20%, over 20% sales growth up to €270 million, and invested €30 million to increase 40% its production capacity, creating 15% additional jobs in the company.

A benchmark on innovation and sustainability

In addition, the group is a benchmark on innovation, ESG and sustainability. In 2017 and 2019, Chereau launched the category vehicles NEXT under the project ROAD. The NEXT generation of semi-trailers brought ergonomics, safety and better performance to users through multiplexed technology. ROAD vehicles were a worldwide innovation breakthrough based on hydrogen technology, bringing to the market the first zero-emission hydrogen semi-trailer. Thanks to this technology, TRG found a clean energy solution with a very significant reduction in gas emissions and positioned itself at the front end in terms of energy savings and energy transition. Precisely, Chereau has just published its first ESG Report to share the progress and commitments on sustainability and innovation.

The company is also a leader in trailer insulation, offering one of the best insulation coefficients on the market. An example is the Vacuum project, which makes temperature controlling more efficient and therefore requires less energy and generates fewer emissions. Chereau received the 2019 Green Truck Transport Solution, the Hydrogenies Prize and the I-nnovation Solutrans Award for such a milestone. Moreover, in 2020 the French company partnered with Energy Observer, an organization that researches and develops solutions for a green energy transition.

Amundi PEF has expressed its commitment with TRG management team to continue its growth strategy across Europe with a focus on innovation, safety and sustainability.

According to Jordi Alegre, Managing Partner at Miura Partners, “TRG is a good example of the positive transformation and sustainable legacy that Miura leaves in the companies on which invests, transforming our initial investment in SOR, a Spanish family-owned company, into a clear European leader with a fully professionalized management team and launching significant ESG activities that generate a strong positive impact.”

According to Damien Destremau, CEO at The Reefer Group and Managing Director at Chereau, “We are very satisfied with our journey with Miura for their continued support in our growth and team reinforcement that have set the pillars for the next phase. Today we begin a new stage with Amundi PEF, keeping our roadmap towards innovation, safety and sustainability."

For José Górriz, Managing Director at Sor Ibérica and Commercial Director at The Reefer Group, “During this stage we have invested to considerably increase our production capacity, we have improved the efficiency of our processes and strengthened the team. This has led us to consolidate our presence in Spain and grow in export markets. On behalf of the company I express my gratitude to Miura and the entire team for their support and contribution to the project."

The operation was advised by Natixis Partners, De Pardieu, EY and Eight Advisory.

Legal and financial advisers for the buyer: Araoz & Rueda en España and McDermott in France

Bank's advisor: Allen & Overy

About Miura Partners

Miura Partners is a leading private equity firm in Spain specialized in investing in mid-size family-owned businesses, providing attractive growth and consolidation plans, and with a clear international spirit. Since 2008, Miura has invested in more than 40 companies, with transactions worth more than €1.5 billion.

Find more: www.miura.partners