Our team is pleased to have advised Alipa Group on the sale of its industrial packaging division, No-Nail Boxes, through a primary MBO sponsored by Evolem.
About the deal
Based in Wiltz, Luxembourg, No-Nail Boxes has been designing and manufacturing manufacturing custom-made, nail-free, collapsible plywood industrial packaging solutions since 1961. Acquired in 1996 by Michèle Detaille and Bernard Rongvaux, the company has established itself as a recognised global player renowned for the quality of its products and expertise.
With a complete range of collapsible and reusable boxes for industrial and logistical applications, the company further strengthened its service offering by creating AllPack Services in 2001 and WaluPack Services in 2002, both specialising in designing and producing tailored packaging solutions for special projects and oversized formats.
Covering the entire value chain, these three companies serve over 730 customers in France, Germany and Benelux. Their customers include packaging and logistics specialists, machine-tool manufacturers, metalworking groups and defence industry leaders such as Safran, Alstom and Airbus. The group generated approximately €25m in revenue in 2023, achieving double-digit annual organic growth since 2016, driven by the commitment of its 125 employees.
Investec was appointed to oversee a swift sale of the group. Following this process, the family office Evolem was selected for its ability to propose a compelling development project for the three entities, their managers, and their employees. Under its new ownership, the group aims to become the European leader in reusable plywood and wooden industrial packaging market.
For Michèle Detaille, President of the Alipa Group, who is reinvesting in the new project: “I am convinced that Evolem’s entrepreneurial vision and experience in strategic support will enable us to accelerate the division’s development and diversify its activities.”
Alexis Alfonsi, Evolem Investment Director: “We are delighted to be writing this new chapter for the group alongside William and Boris. Thanks to the operational excellence and quality of service of this specialist in reusable industrial packaging, we are convinced that we can offer appropriate and sustainable solutions to the challenges of a growing market. We were immediately won over by these assets, which will enable us to build a European leader by pursuing an ambitious external growth strategy, particularly in France.”
”We look forward to working with the Evolem teams, with whom we share many values of respect, benevolence and strong CSR commitments, to develop together this virtuous project for people and the environment,” says William Mathot, CEO and Boris Remy, Managing Director of the No-Nail Group.
What we did
Investec assisted the shareholders and the management team throughout the entire disposal process, including:
- Structure the deal,
- Appropriately prepare and anticipate carve-out issues,
- Overseeing the execution of vendor due diligence works,
- Engaging with financial investors and strategic buyers,
- Preparing the marketing documentation,
- Implementing a competitive and swift bidding process,
- Managing the due diligence process,
- Providing active execution support in negotiations with prospective buyers.
