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FMEA Rang 2 invests €3mn in Citele
Companies - 03 May 2012
FMEA (Fonds de modernisation des équipementiers automobiles: Fund for the modernization of the automobile equipment manufacturers) Rang 2 invests €3mn in the Citele group, the specialist in making mechanical parts and complex sets for automobile manufacturers and the energy industry, to support its international growth.
This investment is aimed at accelerating the development of this SME with strong growth potential, which benefits from a strong industrial base in France and which generates most of its business through exports, by contributing to financing its investments and its geographic expansion. This 6th investment of the Fund will be made entirely in equity.
With skills in design, prototyping, smelting, mechanised welding and machining, the Citele Group is a leading supplier of the principal manufacturers of turbochargers in Europe. In addition to the automobile sector, it works with major equipment manufacturers for industry and the energy sector and soon in the aeronautical sector. It employs nearly 350 people and has five industrial sites in France and two in Hungary. The company generated sales of more than €40mn in 2011.
The FMEA Rang 2 is a “Fonds commun de placement à risque” (FCPR) (joint venture capital risk mutual fund) owned by Bosch, Faurecia, Hutchinson, Plastic Omnium, Valeo, the FMEA and the Fonds stratégique d’investissement (Strategic Investment Fund - FSI). It invests equity or quasi-equity to make minority investments in small or medium sized players in the automobile sector, which have industrial projects that create value and the competitiveness for the economy.
