In three years, revenues increased from €250M to €350M, more than 1,000 jobs were created and the international presence was strengthen
Founded in 1987, Anovo is one of the main European players of after sales support and supply management services for electronic products (repair and regeneration of electronic products, development of value added services such as remote troubleshooting, integrated logistics…).
A growth driven by audiovisual but caught by a massive indebtedness
After a period of high growth driven by the maintenance of Canal +’s decoders, the firm launched an acquisition policy in Europe and Latin America, resulting in a massive indebtedness. In July 2011, Anovo, a listed company, filed for bankruptcy.
By the end of 2011, the court retained Butler Capital Partners’ offer, which was the most favorable socially and approved by more than 80% of employees.
Three main assets: a promising market, a significant client data base worldwide, and a recognized know-how
«The economic model was at the end of its rope. Besides shareholders’ quarrels and financial issues, the growth strategy of Anovo was mainly based on the acquisition of industrial sites to groups such as Thomson, Philips or Alcatel, in exchange for contracts. It was not a sustainable model. However, Anovo also benefited from several assets – growing markets, a significant client database within major groups, and a recognized know-how in Europe – which enabled its turnaround.»
— Walter Butler
Three strategic lines defined by BCP to restore growth: consolidation, internationalization and innovation
- Setting up a new management team, reorganization of the French structure and consolidation of the trade policy
- Taking in hand of foreign subsidiaries and international development
- Continuous innovation
A rapid success, based on transparency and trust
« The specificity of this turnaround is to have managed to combine both a rigorous policy in term of costs and a sales growth.
Anovo managed to get back to balanced budget in the first year. Meanwhile, we increased our productivity thanks to a best practices policy on our 23 industrial sites. We also owe our success to the efforts of our teams, their mobilization to work together and the support of the majority of our partners. Without this renewed trust, we would not have been able to achieve similar results. »
— François Lacombe, CEO of Anovo
