Why did we invest in Mecatherm?
Founded in 1963, Mecatherm is the world leader in industrial bakery equipment, with around 60% market share in high-capacity, crispy-bread lines. It serves the entire market with two complementary solutions: “Crusty bread” lines (baguettes and crusty bread), and “Soft & Pastry” lines (buns, brioches, loaves of bread, pastries, etc.). Today, the group has an installed base of more than 770 automatic lines in more than 65 countries worldwide, representing more than 20,000 metric tons of goods produced by Mecatherm lines every day. The group has strong competitive advantages, including:
- unique R&D and product innovation know-how with its team of 25 professionals. Since 1995, Mecatherm has launched nearly 20 new products and has about 15 active patents;
- a strong brand and the trust of its customers (50% have been customers for over ten years), illustrated by its position as world leader;
- a sales network that has almost doubled in three years, with sales representatives serving all market segments;
- a flexible industrial model whereby Mecatherm can easily call upon sub-contractors to produce components (e.g. sheet metal, tanks). This allows Mecatherm to focus on the higher value-added phases, such as R&D and customer service, and to limit its fixed costs.
Outlook for development
The group’s growth is based on four main pillars:
- geographic expansion, as bread consumption and demand increases in high-growth countries, where the group already derived close to 60% of its orders in 2016;
- the growing share of industrial bakery on a global scale;
- bigger market shares in the “Soft & Pastry” segment;
- market consolidation, reinforcing Mecatherm’s range with complementary services and technologies.
These major assets, combined with a light cost structure and rigorous operational and financial discipline, should enable the Mecatherm Group to further expand and consolidate its leadership position in an industry that can slow considerably in certain years but whose overall growth is strong and here to stay.
Chairman and CEO
Wendel's role in corporate governance
Board of Directors
Patrick Tanguy (Chairman)