1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200 
Loss making French giant is snapped
Page 6
If you've noticed an error in this article please click here to report it so we can fix it.
A major French fleet has been snapped up by an investor which sees Norbert Dentressangle as a role model. Dominic Perry reports.
ONE OF FRANCE'S top three haulage firms, which had faced financial problems, has been taken over by a private equity firm.
Vitry-sur-Seine-based Giraud International, which has a UK depot in Leeds and also operates via Stirling-based Barbour European, was not thought to be in danger of immediate insolvency. but it had been under financial pressure for several years.
Over the past three years it had made a loss, hitting bottom in 2003 with a €8.6m deficit, despite a turnover approaching £500m.
Now the firm has received a €60m investment from Paris-based private equity firm Butler Capital Partners in exchange for a "substan tial majority" of Giraud's shares.
BCP. which specialises in investing in troubled firms, says it sees plenty of scope for reversing Giraud's fortunes.
Associate Frederic Favreau says BCP recognises that the transport market is currently a difficult one, but it sees the company as a worthwhile investment. We believe that the company has very strong assets, big clients and a very good image," he adds. "We also think that it has the right strategy and positioning to move forward."
Giraud will now concentrate on returning its French operation to profitability and expanding its activities in Eastern Europe.
Favreau says he sees fellow French haulage firm Norbert Dentressangle as a role model for Giraud: -Norbert makes around a 4% margin and I believe that in not so many years we will achieve something like that."
This is not the first time BCP has invested in a transport company — it bought and sold a small haulier, Beauvais International, in the 1990s — but Giraud is by far and away the largest.
Recently many of Giraud's subcontractors had been paid late, according to French transport newspaper L'Officiel des liansporteurs. Its editor, Benoit Barbedette. adds: "This has damaged its image and reputation. Everybody in France knew that they wanted to find a new investor."