Averys is a leading European manufacturer of industrial storage solutions, racking and metal furniture.
Founded in Paris in 1985, Averys designs and builds pallet racking, light to heavy duty shelving and metal furniture including office filing cabinets and lockers. Its eight specialised subsidiaries support more than 8,000 customers in logistics, distribution, industrial, retail, tertiary and administration.
Having executed a successful buy-and-build strategy for many years, which included the acquisition of Stow Group in 2013, Averys has become Europe’s largest player in the racking industry.
Working in partnership with Equistone, Averys has continued with its strategy of combining significant organic growth with targeted acquisitions in order to expand its product offering and reinforce its commercial and industrial networks.
Equistone managed the succession of former CEO, Jean-Dominique Perreaux, who retired at the end of August 2017 and was replaced by Jos De Vuyst, the former managing director of Stow Group.
In May 2018, the acquisition of Storax, based in Portugal, provided Averys with a complementary industrial base in Southern Europe to support its existing customers. The transaction also offered additional growth prospects for automated products such as shuttles, mobiles and silos that benefit from Storax’s excellent brand image and renowned technological expertise.
Since Equistone’s investment, Averys has seen its revenue increase from €357m in 2015 to €602m budgeted for the financial year ending December 2018 and seen its workforce grow to 1,760 employees.
The sale of Averys to Blackstone, alongside the management team, resulted in a money multiple of 4.6x and an IRR of 69% on Equistone’s Fund IV investment.
We are proud to have been a strategic partner for Averys during an important period of the company’s development. Averys’ management has done a fantastic job, having expanded the product offer and grown into new markets via internal and external growth.