CWD / Devoucoux

With its CWD and Devoucoux brands, LIM Group dominates the global market for upmarket, custom-made horse-riding saddles. LIM Group is the standard-bearer for excellence in French saddlery, and stands out in the equestrian industry with products that are used by the world's best riders. Its business model, the only one of its kind in the world, has enabled Chairman and CEO Laurent Duray to deliver faultless performances for the last 15 years. As part of a transaction to adjust the company's ownership structure, Crédit Mutuel Equity has invested €9 million in LIM Group to support its innovation, which is what the company is best known for, but also its ongoing rapid international expansion and targeted acquisitions. With revenue of almost €50 million, two thirds of which come from abroad, LIM Group employs 455 people in France and other countries.

The CWD brand has been enhancing the performance of riders ever since it was created. Of the world's top 30 riders, 15 use CWD saddles and equipment (girths, bridles, boots etc.). This year, riders using CWD saddles won three gold medals and two silvers in the Rio Olympics.

The CWD brand was created in 2000 when the group acquired the Nontron saddlery, and it has been surprising and delighting customers ever since. It focuses entirely on enhancing the performance of high-level riders, and its reputation as an innovative saddle-maker, delivering both solutions and medals, is driven by technology and R&D. The CWD brand became a hit in the USA only five years after it was created, as showjumpers quickly understood the value of working with a saddle-maker that is motivated to help them win.

In 2013, LIM Group acquired the Devoucoux brand. Founded in 1985 in Bidart, Devoucoux is a saddle-maker with a global reputation and iconic products. It makes its saddles and accessories in the Basque Country, respecting the rules of outstanding craftsmanship. The brand has a solid reputation in three-day eventing, and now enables LIM Group to cover all high-level horse-riding disciplines.

New generation saddles

Innovation is part of the LIM Group's DNA, and the group focuses on craftsmanship, technology and respect for the environment. Its unique organisational model, which covers the whole production chain from processing hides (leather and tanning) to installing the saddle on the horse's back, means that it can make progress on all fronts. Its R&D department has 12 people, and in 2013, after three years of research and €2 million of investment, the group launched a chrome-free leather made with natural biodegradable plant tanning, which is more supple and lasts longer. In 2014, CWD further improved its dynamick® saddle tree, filing a second patent: its famous 2GS saddle features a tree made from a carbon/Kevlar composite. In 2016, a version tailored to the shape of female riders, the 2GS Mademoiselle, was launched. Next, in 2017, CWD will be the first saddle-maker to offer a smart saddle, the iJump, which will provide riders with data and analysis to help them improve their training. To find out more, visit www.cwdsellier.com.

LIM Group has now passed a new milestone in its development, with the arrival of Crédit Mutuel Equity as a major shareholder. "We have joined forces with a real partner that is capable of supporting our development strategy over the long term, in terms of both our products and our international reach. The alliance will enable us to be even more responsive to acquisition opportunities," said Laurent Duray.

"We were attracted by the standards of excellence shown by the group, which is a genuine leader in the international equestrian market, along with its highly integrated business model. It has major growth potential due to its combination of traditional, regional expertise and its policy of constant innovation, which is producing excellent opportunities for both of its brands outside France, particularly in the US market," explained Alexandre Joubert, Principal at Crédit Mutuel Equity.

Key points:

12 000 saddles sold per year.

64% of revenue from outside France.

Head office in Nontron, which is also home to the group's original workshop and the CWD brand.

Own R&D centre set up in 2005.

Presence in 4 continents. Employees in 12 countries.

A team of 80 salespeople covering North America, Western Europe and China.

Involvement in more than 3 500 days of equestrian events per year (competitions, championships etc.).

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