Description of activities

Created in 1981 by Marc Ettienne, FPEE was one of the very first manufacturers of joinery (doors, windows, shutters, gates and fences) made from PVC and aluminium for renovation of individual homes, distributed through the exclusive Art & Fenêtres network, via independent installers and construction materials traders.

Investment thesis

We aimed to create a French leader in a fragmented market by 1) extension of the Art & Fenêtres commercial network, 2) expansion of the product range, particularly in aluminium, and 3) strengthening of possible differentiating factors: vertical lacquering, bending, bicolouring, thermal insulation and extrusion of profiles.

Bee Up Capital’s support

We supported the manager and his team in creating the joint leader in the French market thanks to two main drivers:

    1. Build-up: 4 acquisitions which completed the existing product offerings,
    2. Intensive investment program of € 22 million in capacity and productivity allowing FPEE to increase its industrial surface from 39,000m² to 70,000m² and boost its operating profitability by over 4 points,
    3. Growth of the “proprietary” Art et Fenêtres distribution network (multiplied by 1.5) as well as the “Baie Bleue” alternative network