December 2011 – Amiens, France
Bourrelier Éducation, specialized in the edition and distribution of educational products for kindergarden and elementary schools in France, was purchased from Hachette (Lagardère) in December 2011.
Following its acquisition, Thomas Kermorgant assumed the role of CEO and handle the turnaround of the business, bringing it back to profitability in less than 1 year by:
- Reducing expenditures by 1/3 through process optimization and cost-cutting measures
- Launching innovation on proprietary products to further the penetration of the OPEX budget of the schools
- Rebuilding the sales force, leading recruitment and training of 30 sales representatives and replacing bad performing salesmen with new recruits
In March 2013, Bourrelier faced a criminal fire that wiped out 75% of the inventory. Despite this, the business was brought back to break-even in 2014 through the injection of €4m in this second turnaround.
A dramatic cut in public expenses following the budget cuts and the 4-day school week reform led to the sale of the company in January 2015 via a “pre-pack” to Hugo & Cie”. The company still exists as of today and employments have been maintained.
Bourrelier Éducation is evidence that Keravalon puts the interest of its portfolio companies first despite adversity.