IDI and Andera Partners announce an agreement to sell Flex Composite Group (FCG) to Michelin for an enterprise value of 700 million euros. The transaction, which is subject to the approval of competition authorities, is expected to be completed in the third quarter of 2023.

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

The transaction is part of Michelin's strategic plan to expand its activities beyond tires to reach 20 to 30% of its business by 2030, by capitalizing on its historical expertise in flexible composites.

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