(CercleFinance.com) – IDI and Andera Partners announce a contract to sell Flex Composite Group (FCG) to Michelin for an enterprise value of 700 million euros. The operation, subject to the agreement of the competition authorities, should be completed in the third quarter of 2023.
FCG designs, manufactures and distributes bespoke advanced composite material solutions in specialty markets for more than 2,100 customers worldwide. It achieves more than 200 million euros in turnover and employs nearly 400 people.
The operation is part of the strategic plan aimed at extending Michelin’s activities beyond tires to reach 20 to 30% of its activity by 2030, by capitalizing on its historical know-how in composite hoses.
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