IMS

The IMS Group was a European group distributing special steels, listed on Euronext and controlled by the Arcelor group. Its performance was negatively impacted by the 2003 crisis and IMS’ non-strategic nature for the Arcelor group.

Chequers acquired a 51% share in IMS from Arcelor and Merrill Lynch, while maintaining the company’s listing.

Value creation

Value creation was generated by strengthening the management team, which put in place an internal optimisation plan, and the sale of non-strategic assets. These actions, combined with a recovery of the underlying markets (industry, building) enabled a significant improvement in the company’s performance and led to our divestment in 2006 by a share placement on the stock market.

Investment year
2004

Turnover at acquisition
€500-1000m

Type of operation
Turnaround

Business sector
B2B Services

Country
France