CAPZA Transition reinforces the transformation of the NORCAN Group and the development of the SHERPA

PARIS, JULY 21st, 2021

CAPZA1, an independent management company and leading player in private investments in European SMEs, enters the capital of the NORCAN Group, the European leader in modular solutions based on aluminium profiles and the French leader in autonomous mobile robots for industry via its subsidiary Sherpa Mobile Robotics (SMR). CAPZA's investment in NORCAN is made through its CAPZA Transition fund2, alongside management and the Group's historical shareholders: Bpifrance and Capital Grand Est.

Based in Haguenau (in the French region of Bas-Rhin), NORCAN is one of the European leaders in customised modular equipment designed to secure and improve the performance of working environments, workshop and logistic flows. As an extension of its know-how dedicated to the efficiency of industrial installations and flows, the Group has developed the SHERPA® range of tracking and autonomous handling robots, which make inter-line flows and stock-line-stock flows (transport of containers and pallets) reliable and autonomous. SHERPA® robots enable a significant increase in productivity while considerably reducing the drudgery and accident risks associated with handling. This range of robots has already been deployed with 30 customers (manufacturers, logisticians, distributors) throughout France and Germany.

With nearly 150 employees throughout France and in its five international subsidiaries, NORCAN achieves a turnover of 22 million euros. Each year, the Group's teams carry out 3,500 projects for 1,500 clients in the production and industry sectors, logistics and distribution, as well as for e-commerce operators.

With the support of the CAPZA Transition fund, Bpifrance and Capital Grand Est, NORCAN will be able to accelerate the development of SHERPA® robots and thus become the only French player of reference in the fast-growing sector of autonomous industrial handling robots. The investors will also support the development of NORCAN's historical activities and its international deployment.

The CAPZA Transition fund is providing more than €10 million in equity and convertible bonds as part of an overall €12 million transaction.

“We are proud to join forces with NORCAN's managers and its historical shareholders to strengthen its development resources and support its transformation through robotics projects. This project is at the heart of CAPZA Transition's strategy which aims at supporting outstanding SMEs/ETIs that need stable funds at strategic stages of their development. It also illustrates the flexibility of CAPZA Transition, which was able to find the right structure for the situation and to cooperate with the managers and historical shareholders who supported the project and wish to continue to do so.” – Emmanuel Bonnaud, Managing Partner of CAPZA Transition SAS.

“The arrival of such a well-known financing player among our historical shareholders is a sign of confidence in the quality and resilience of our staff. I am particularly proud to represent the French Tech and the French Fab3, as well as the French entrepreneurial mindset which allows NORCAN, a solid and rather traditional industrial company, to be now also able to offer Industry 4.0 solutions to its Customers. SMR is also becoming the French reference in non-dedicated mobile robotics, and it is because we decided to make no compromise on technology that it is at the top level worldwide.” – Stéphane Fauth, CEO of NORCAN and SMR.

“As a shareholder since 2017, we have been able to measure the relevance of NORCAN's strategy, which has been able to transform itself rapidly to move towards Industry 4.0. We are therefore very pleased to support the next phase of development of the Group, a member of Bpifrance Excellence and flagship of the French Fab, alongside CAPZA and Capital Grand Est. NORCAN's know-how, agility and constant innovation are major assets that will enable it to become the leading French player in the autonomous mobile robot sector and to consolidate its position as European leader in its historical activities.” – Guillaume Sever, Investor at Bpifrance

“Capital Grand Est is keen to support managers who demonstrate their ability to make their region shine, both on our territory and internationally. We have been a shareholder of the company since 2014 and have been able to measure the rapid development of the Norcan group, led by its buyer Stéphane Fauth and his team, who have been able to anticipate the technological shift that will lead to a revolution in the industrial robotics sector. We are pleased to have CAPZA Transition as our new partner alongside our co-shareholder Bpifrance.” – Florence Cirilli, Managing Director, CAPITAL GRAND EST

Participants

NORCAN Group: Stéphane Fauth (CEO), Jean-Luc Klein (Financial Director), Jean-Maurice Baer, Alfred Kreiss and Damien Winling (Partners)

CAPZA Transition: Emmanuel Bonnaud, Jeanne Gary

Bpifrance Investissement: Olivier Levy, Guillaume Sever

Capital Grand Est: Florence Cirilli

M&A:

• For the management: MLA Conseil (Me Carine Anstett), FL Finance (Luc Farriaux)

• For CAPZA: KPMG (Antoine Bernabeu et Benoît Roucher)

Lawyers:

• For CAPZA: Almain (Edgard Nguyen, Mathieu Mascher)

• For Bpifrance and Capital Grand Est: Prad Avocats (Me Jessica Hess)

***

Intervenants

Groupe NORCAN : Stéphane Fauth (PDG), Jean-Luc Klein (Directeur Financier), Jean-Maurice Baer, Alfred Kreiss et Damien Winling (Associés)

CAPZA Transition : Emmanuel Bonnaud, Jeanne Gary Bpifrance Investissement : Olivier Levy, Guillaume Sever Capital Grand Est : Florence Cirilli

Conseils :

• Pour la société : MLA Conseil (Me Carine Anstett), FL Finance (Luc Farriaux)

• Pour CAPZA : KPMG (Antoine Bernabeu et Benoît Roucher)

Avocats :

• Pour CAPZA : Almain (Edgard Nguyen, Mathieu Mascher)

• Pour Bpifrance et Capital Grand Est : Prad Avocats (Me Jessica Hess)

NORCAN / SMR

Arnaud Debs (Head of marketing)

a.debs@sherpa-mr.com

Tel.:+33 (0)6 74 05 56 13

CAPZA

Léa Schultz - Citigate Dewe Rogerson

Lea.Schultz@citigatedewerogerson.com

Tel.: +33 (0)7 57 52 06 05

Kristell Le Nadan - Citigate Dewe Rogerson

Kristell.LeNadan@citigatedewerogerson.com

Tel.: +33 (0)1 53 32 84 71 / +33 (0)6 98 49 22 27

Bpifrance

Sophie Santandrea

Sophie.santandrea@bpifrance.fr

Tel.: +33 (0)1 45 65 51 62

Capital Grand Est

Sabrina CURTO-LAVERNY - SCL CONSEIL

sabrina@scl-conseil.com

Tel.: +33 (0)6 63 30 27 66

About NORCAN

NORCAN is the leader in France and one of the first in Europe in the field of modular and customised mechanical solutions based on aluminium profiles. The Group produces several thousand applications per annum through its main site in Alsace, its subsidiaries, and a network of partners abroad. NORCAN is also an integrator of the SHERPA® range of mobile and collaborative robots.

For more information, visit: www.mynorcan.com

About SMR

SMR is the designer and manufacturer of the SHERPA® range of mobile robots. Its robots are safe, intuitive, collaborative, versatile, and combine tracking, autonomous and fleet management functions. In terms of innovative solutions and autonomous mobility, SHERPA® meets an infinite number of job requirements in Production and Industry, in Logistics and Distribution and among e-Commerce operators.

For more information, visit: www.sherpa-mr.com

About CAPZA Transition

The CAPZA Transition fund aims at supporting healthy businesses at strategic turning points (reorganization of the capital structure, relaunch of a growth strategy or recover from a phase of underperformance). We assist these businesses by offering liquidity and refinancing solutions. Our diagnosis aims at creating a consensus on a strategy that aligns all stakeholders’ objectives. The CAPZA Transition fund is a transparent, constructive and reliable partner that can deliver complex transactions in limited time.

Financing can be provided either in the form of equity, bullet loans, convertible debt or a combination of these instruments matching any situation.

About CAPZA

Created in 2004, CAPZA is an established European private investment platform focused on small and mid-cap companies. The company is majority owned by its teams and supported by the AXA Group.

With €5.3 billion of assets4, CAPZA places its experience and passion for developing businesses at the service of investors in Europe and worldwide with its platform of six complementary areas of expertise: Flex Equity, Private Debt, Transition, Artemid5, Growth Tech and Expansion.

CAPZA offers financing solutions to small and mid-cap companies at every stage of their development. Its unique platform allows CAPZA to support companies in the long run by providing them with custom made financing solutions (majority equity, minority equity, subordinated debt, senior debt, etc.). CAPZA is a generalist but has built up strong expertise in supporting companies in the health, technology and services sectors.

CAPZA Group has more than 80 employees based in Paris, Munich, Madrid and Milan.

More information: https://capza.co

Follow us on Twitter: @capza_co

About Bpifrance

Bpifrance finances companies - at every stage of their development - with credit, guarantees and equity. Bpifrance supports them in their innovation and international projects. Bpifrance also ensures their export activity through a wide range of products. Advice, university, networking and acceleration programmes for start-ups, SMEs and ETIs are also part of the offer to entrepreneurs. Thanks to Bpifrance and its 50 regional offices, entrepreneurs benefit from a close, single and efficient contact to help them face their challenges.

For more information, please visit: www.bpifrance.fr and presse.bpifrance.fr

Follow us on Twitter: @Bpifrance - @BpifrancePresse

About Capital Grand Est

Capital Grand Est is an independent regional private equity company approved by the AMF (French Financial Markets Authority). Since 2012, the team of 10 employees of Capital Grand Est has supported more than 60 companies in both Grand Est and Bourgogne Franche Comté regions.

With nearly €200 million assets under management over five investment vehicles, Capital Grand Est structures capital operations to support and accelerate the success of companies across different markets, industries and stage of development, from seed funding to capital-development operations to accelerate their growth, or capital-transmission operations to accompany their capital evolution.

1 CAPZA (formerly Capzanine) is the commercial name of Atalante SAS, portfolio management company approved on 11/29/2014 by the AMF (French Financial Markets Authority) under GP-04000065.

2 The funds of the CAPZA Transition range are managed by the asset management company CAPZA, advised by CAPZA Transition SAS which has financial investment advisor status (CIF in France) and is registered by the Orias under the number 18001601 since the 23/03/2018.

3 The French Fab embodies the companies, economic actors, institutions and industrial sites located in France who recognize themselves in the will to develop the French industry.

4 Including assets managed by a third party and advised by Artemid SAS. Based on valuations as of 31/03/21 and also including funds raised until June 2021.

5 The funds of the Artemid range are managed both by a third party and the asset management company CAPZA and advised by Artemid SAS, which is a subsidiary of CAPZA and Amiral Gestion and has financial investment advisor status (CIF in France). Artemid SAS is registered by the Orias under the number 14003497 since the 05/28/2014.