Isore can be described as a gem in the insulation industry. It continues its journey under the guidance of new executive leaders. However, this trajectory continues in continuity and within the framework of an LMBO (Leveraged Management Buyout), with the former executives also remaining shareholders. Madame Laruaz tells us the story...
Isore, which was not originally named that way, was founded by a couple in Mayenne in 1989. Starting from scratch, they developed a small business that, when we acquired it, had a turnover of 6.5 million. I would like to commend their work because they laid the foundations for what would become the company's core values : quality and people, in particular. It was these core values that piqued our interest. In 2002, my husband Pierre worked there as an assistant manager. In 2004, we bought the entire company to make it a professional and family project.
Both of us were executives in significant corporations. Pierre was a manager at Eiffage, serving as the head engineer of an agency. As for me, I worked as a training manager, director, and president of the board in a subsidiary of Ouest-France. The subsidiary's mission was to acquire newspapers and restructure them. As we approached our forties, we began to contemplate the project we could undertake for the second half of our careers. We were immediately drawn to this company, not only due to its intrinsic qualities but also because of its positioning in an industry that we deemed very promising – external insulation, a technique well-developed and appreciated in Germany and Switzerland.
We left Rennes and moved our entire family to Laval, then we looked at how to shape this company according to our governance, management, and customer service model. In this regard, a trip to Finland was absolutely pivotal for us : there, we discovered wooden buildings that were almost energy-neutral. We wanted to do the same, and our new headquarters became the first positive-energy building in the western region in 2007, coinciding with the first Grenelle environmental conference. This also earned us some media coverage !
You can say that again. We were just a small company at the beginning of our LBO. However, constructing this building was, in a way, a foundational act. It allowed us to establish ourselves as a player in sustainable development. Gradually, we reached 32 million in turnover with 200 employees, prioritizing a model with very high levels of human satisfaction, both internally and externally. We believe this is what ensures the longevity of the company.
In 2012, we truly embarked on a sustainable journey. We obtained ISO 14001 certification, ISO 18001 for safety, and maintained ISO 9001 for quality. In 2018, we took our commitment a step further with the construction of our headquarters in Angers using deep geothermal energy. In 2021, we achieved the Lucie label, the first French CSR (Corporate Social Responsibility) label. This was the final external recognition the group received before our departure. The approach gradually evolved to ensure that Isore had a positive impact on its stakeholders within the community. This is very important to us.
This group, in addition to everything else, is truly a matter of partnerships. Due to health issues, my husband decided to step down. However, the condition was to pass Isore into the hands of individuals who want to keep the flame alive. I couldn't imagine continuing without him, so the decision to sell was made, and to do so through a mechanism that allows us to strengthen the group, especially in terms of strategy and, of course, values.
Indeed, it was in early 2022. We were already acquainted Patrick Sacher since his firm had already helped us acquire a company in Angers in 2007/2008. We explained the context to him, as well as our wishes for Isore's future. At that time, the signals were very positive with promising prospects. So, it was the right time. The objective behind the operation was to ensure the longevity of what we had created with our teams, even as we felt that many companies around us were losing some of their essence. And it was within this framework that he supported us.
It's an LBO set-up with a majority fund around executives who hold a substantial percentage and with ourselves in the capital. We had anticipated this step by selling a stake in the group to the new management a few years ago. As far as we are concerned, we maintain our full confidence in the project and have invested in the capital, which also helps to reassure the teams.
Exactly. His mission was to find the right partner who could accept the envisioned project. In the end, we received several letters of intent, and Jadel was chosen. We needed a company that was willing to accept the idea of a second round to eventually take the majority stake. I believe Jadel's slogan is "investor in capital patience", so it aligned well with the project !
As a seller, I believe one can never be fully prepared, especially for what comes after the sale. There's a significant void one should expect. I think it's crucial to raise awareness about this. In essence, it's about preparing oneself while simultaneously getting the company ready for the transmission. The second aspect I would emphasize is more technical and concerns the asset/liability warranty. I found this to be a complex moment, and it's something that also requires careful organization and anticipation to have a thorough understanding of all these elements.
I believe our greatest pride in this journey has been successfully turning things around after the company faced a challenging period in 2020. We managed to steer the company in the right direction by giving it purpose. We increased wages on the field, reduced overhead costs, and made CSR (Corporate Social Responsibility) the third strategic pillar. These bold decisions marked the beginning of a new era in terms of strategy, communication, and management. During a trip to California, we were inspired by how things were happening in the world of startups. All of this allowed us to reposition the company, its management, its employees, and put it in a good position for the future, with a significant drop in turnover. The Lucie label is the culmination of this entire journey as it crowns a company with a strong CSR footprint, high customer and employee satisfaction rates.
He demonstrated a very good understanding of our non-financial objectives by being able to consider the entirety of the project and its implications. He was able to read between the lines, so to speak, to understand that our project wasn't just about numbers but, above all, about people and values !
Updated on June 23, 2023
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