Wendel
Bureau Veritas pursues its growth and global leadership strategy
Bureau Veritas is the world’s second-largest provider of compliance and certification and laboratory testing services in the areas of quality, health, environment and social responsibility (QHSE-SR). The group derives more than 50% of its sales from high-growth countries.
Key figures
Why did we invest in Bureau Veritas?
Bureau Veritas is ideally positioned in markets driven by long-term, structural trends. QHSE regulations and standards are proliferating and becoming tougher to meet. Increasingly, certification and inspection activities are being outsourced. Health and environmental protection standards are becoming more stringent. And trade has become global. Since it was founded in 1828, Bureau Veritas has gradually built up its globally renowned expertise. The market that Bureau Veritas addresses has numerous barriers to entry. Operating certification and approval are mandatory in each country. Service providers must offer a comprehensive range of inspection services (in particular for major clients) and extensive geographical coverage both locally and internationally. They must provide high value-added solutions through first-rate technical expertise and enjoy a reputation of independence and integrity. Wendel has gradually increased its holding in Bureau Veritas. When Wendel made its initial €25 million investment in 1995, obtaining 19% of the share capital, Bureau Veritas generated annual sales of less than €400 million. Wendel then supported the company’s growth, until it held 99.2% of the capital in 2004. In 2007 Bureau Veritas was listed on the stock exchange at a price of €37.75 per share (€9.44 after adjusting for the four-for-one split on June 21, 2013), enabling it to continue its international expansion.
Key milestones of the investment
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09.06.2004
66% controlling interest in Bureau Veritas -
09.16.2004
Offer to minority shareholders of Bureau Veritas -
11.02.2004
Takeover of Bureau Veritas - Offer made to minority shareholders of Bureau Veritas -
12.03.2004
Wendel Investment to own 99% of Bureau Veritas -
09.10.2007
Bureau Veritas lance son introduction en bourse -
09.17.2007
12 acquisitions signées depuis le 1er janvier 2007 représentant plus de 230 millions d’euros de chiffre d’affaires annuel cumulé -
10.23.2007
IPO of Bureau Veritas: Wendel sells 27.7 million shares at €37.75 per share and retains 67.6% of the capital of Bureau Veritas -
03.05.2009
Wendel has successfully completed the placing of a 10% stake in Bureau Veritas -
03.26.2009
Frédéric Lemoine to be appointed as Head of Executive Board -
03.05.2015
Wendel sells 10.9% of Bureau Veritas’ share capital -
03.06.2015
Wendel announces the completion of the sale of 10.9% of Bureau Veritas's share capital -
10.29.2018
Wendel sells 4.73% of Bureau Veritas’ share capital -
10.30.2018
Wendel announces the completion of the sale of 4.73% of Bureau Veritas’ share capital
- 66% controlling interest in Bureau Veritas - 110.8 KB - PDF
- Offer to minority shareholders of Bureau Veritas - 24.49 KB - PDF
- Takeover of Bureau Veritas - Offer made to minority shareholders of Bureau Veritas - 25.5 KB - PDF
- Wendel Investment to own 99% of Bureau Veritas - 27.71 KB - PDF
- Bureau Veritas lance son introduction en bourse - 142.75 KB - PDF
- 12 acquisitions signées depuis le 1er janvier 2007 représentant plus de 230 millions d’euros de chiffre d’affaires annuel cumulé - 42.93 KB - PDF
- IPO of Bureau Veritas: Wendel sells 27.7 million shares at €37.75 per share and retains 67.6% of the capital of Bureau Veritas - 20.84 KB - PDF
- Wendel has successfully completed the placing of a 10% stake in Bureau Veritas - 40.75 KB - PDF
- Frédéric Lemoine to be appointed as Head of Executive Board - 19.22 KB - PDF
- Wendel sells 10.9% of Bureau Veritas’ share capital - 314.25 KB - PDF
- Wendel announces the completion of the sale of 10.9% of Bureau Veritas's share capital - 315.23 KB - PDF
- Wendel sells 4.73% of Bureau Veritas’ share capital - 99.47 KB - PDF
- Wendel announces the completion of the sale of 4.73% of Bureau Veritas’ share capital - 627.31 KB - PDF
Read the press releases
New strategy to improve Bureau Veritas's growth profile, resilience and profitability
In 2015, after conducting an in-depth analysis of the Testing, Inspection and Certification (TIC) market, Bureau Veritas has defined its strategy to enhance its growth profile, resilience, and profitability in the medium to long term.
Initially, the strategy announced in October 2015 was based on eight Growth Initiatives. A year through the strategic plan, Bureau Veritas conducted a full reassessment of its Growth Initiatives and has decided to focus its development efforts on five initiatives.
The strategy is therefore based on:
- Five Growth Initiatives that represent circa 30% of Group revenue: Building & Infrastructure, Opex in the energy sectors (oil & gas, power & utilities and chemicals), Agri Food, Automotive and SmartWorld;
- Two key countries, namely the USA and China;
- Four main levers: Human Resources, Key Account Management, Excellence@BV and Digital.
Due to cyclical headwinds in some activities (oil & gas capex, upstream Metals & Minerals) since the plan started, the Group now expects a one-year delay in the achievement of its initial ambition.
In the medium term, Bureau Veritas aims to:
- Confirmed return to a 5-7% organic revenue growth pace by 2020
- Increased Group revenue by circa €1.5bn in 2020 vs. 2015[1], equally balanced between organic growth and acquisitions
- An adjusted operating margin target above 17% by 2020 and
- Continuous high free cash flow generation
[1] At initial plan exchange rates (as presented during October 2015 Investor Days)
“Wendel is our stable core shareholder. We can count on the strength of Wendel in pursuing our development strategy.”
Top management
Didier Michaud-Daniel
CEO
Aldo Cardoso
Chairman of the Board
Wendel's role in corporate governance
Board of Directors
André François-Poncet (Vice-Chairman)
Stéphane Bacquaert
Stéphanie Besnier
Claude Ehlinger
Lucia Sinapi-Thomas (Deputy CFO of CapGemini), representing Wendel
Strategic Committee
André François-Poncet (Chairman)
Stéphane Bacquaert
Audit and Risk Committee
Lucia Sinapi-Thomas
A day with Bureau Veritas
