Investment firm IDI and Andera Partners announce that they have entered into an agreement to sell the entire share capital of Flex Composite Group (FCG) to Michelin for an enterprise value of 700 million euros.

FCG designs, manufactures and distributes customized solutions in advanced composite materials in specialty markets for over 2,100 customers worldwide. It generates sales of over 200 million euros and employs nearly 400 people.

IDI and Andera Partners are achieving an investment multiple of over 12 times on this investment. The transaction, which is subject to approval by the competition authorities, is expected to close in the third quarter of 2023.

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