Founded in 1989, and taken over in 2005 by Mr. Patrice Le Du, the current CEO, Thermigas will benefit from Babcock Wanson’s technical expertise and network of subsidiaries and agencies to accelerate the distribution of its products and develop its service activities on its installed equipment. In addition, its products can be directly combined with Babcock Wanson solutions. The two companies share many common points, including a know-how in combustion, an industrial customer base focused on the food sector and, above all, a philosophy based on the energy performance of its customers and the decarbonisation of industrial processes.
Thermigas has developed a range of products and services around its flagship patented product, the high efficiency gas immersion heater. The company had a turnover of €4 million in 2020 and employs about 20 technicians. This Brittany-based company has two production sites, including a robotic unit, and has a design office and a service structure. The know-how gained from 30 years of experience in a wide range of industries enables the company to offer highly efficient products, thus contributing to its customers’ energy transition.
This is Babcock Wanson’s third acquisition since becoming independent from the CNIM Group in 2016, following on from acquisitions in the Netherlands (Reputabel) and Belgium (Maes) which enabled the development of services in these geographical areas.
This latest acquisition fully reflects the group’s ambitious development strategy, supported by private equity partner FCDE, which focusses on providing ever more energy efficient services and solutions through both organic and external growth.
Patrice Le Du, Managing Director of Thermigas, said: “The takeover of Thermigas by Babcock Wanson allows me to secure the future of the company and its employees, and also to ensure its long-term development. The merger of the two groups will allow me to gradually hand over the reins to the employees of Thermigas, while at the same time providing us with the support and backing of a European group such as Babcock Wanson.”
Cyril Fournier-Montgieux, Chairman of Babcock Wanson, adds: “Babcock Wanson and Thermigas share a common business model balanced between products and services, but also common values: reducing the energy and environmental footprint of our customers. It was therefore an obvious choice for us to welcome Thermigas into the Babcock Wanson Group.”
Julien Di Marco, Partner, member of the Board of Directors of FCDE adds: “We are delighted to support the acquisition of a company as complementary as Thermigas for the Babcock Wanson Group. This acquisition, which is the group’s third external growth operation since we took a stake in it, just a few months after the acquisition of Maes in Belgium in September 2020, will create strong synergies and strengthen the value proposition in the field of energy performance, which will benefit both the new Babcock Wanson group and its clients.”