Technoflex

Technoflex is a family-owned company that was founded in 1986 and is based in Bidart, near Biarritz, France. It is a leading designer and producer of flexible plastic packaging for the healthcare sector, and connectors for IV bags. Crédit Mutuel Equity, a subsidiary of the Crédit Mutuel Alliance Fédérale group, has been a shareholder in Technoflex for 12 years, alongside the founding Curutcharry and Ponlot families. It has now led a management buyout, becoming Technoflex's largest shareholder, accompanied by Olivier Chesnoy (Chairman of the Management Board) and his team. As well as the change of ownership, the transaction has given Technoflex major resources with which to increase its production capacity, continue its international development and meet new demand for high-value-added plastic packaging solutions.

With revenue of €33 million and 274 employees, Technoflex designs custom bags for ready-to-use medicines and for the treatment of various medical conditions. The company can make bags from various materials: PVC, polypropylene (PP) for the most complex medicines, EVA and FEP for cell therapy bags in particular.

Technoflex generates 80% of its revenue outside France and operates in high-value-added segments of its market. It exports its products across five continents, and North America accounts for almost 40% of its revenue. After this primary MBO, Crédit Mutuel Equity (formerly CM-CIC Investissement) has become Technoflex's largest shareholder, alongside its management, via a special-purpose company called Medflex, which owns more than 95% of Technoflex's capital and voting rights.

"With its new management team and strategic position, Technoflex has been able to step up its growth in healthcare markets in the last few years, particularly in the USA. At a time when significant investment will be required to bolster our development, the support of a long-term investor like Crédit Mutuel Equity, working alongside a tight-knit team of manager-shareholders, will strengthen our capabilities in innovative injectable treatments," explained Olivier Chesnoy.

"Technoflex's strategic position appealed to us. The company is independent and has clearly shown the wisdom of its business model in a fast-moving market in which it is challenged by major international groups. Its ability to innovate, together with its strengthened R&D team, positive image in the market and strengths such as its flexible production system, its technical development and the support it provides to customers on regulatory issues, convinced us to help Technoflex take the next step with its ownership structure and support its development," added Jean-Christophe Vuillot, Principal, Capital&Buyouts at Crédit Mutuel Equity.

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