To create a ‘European leader in renewable heating systems’: This is the goal of Boccard Group, which has recently acquired boiler systems manufacturer Leroux & Lotz Technologies. AURIS Finance, a consultancy specialising in mergers and acquisitions, provides an in-depth analysis of this new market move.
Villeurbanne-based Boccard has just completed the acquisition of Leroux & Lotz Technologies (LLT), an SME based in Échirolles and Nantes, and a long-standing French player in the industrial boiler market. Leroux & Lotz Technologies employs 100 people and recorded a turnover of €59.6 million by the end of 2023, representing a 25% year-on-year increase.
The group has deployed its own grate and fluidised bed technology and has more than 350 references and 5,500 MW of installed thermal capacity.
A technological catch
This technology is of particular interest to Boccard: ‘This merger was an obvious choice, because there are limits to an industrial turnkey construction provider without fully integrated combustion technology,’ says Philippe Lazare, Executive Director of Boccard Energy Solutions.
Boccard has further consolidated its position as a leading turnkey solution provider for the design, construction and commissioning of medium-sized thermal power plants. The company, established in 1918 by Joseph Boccard, initially focused on the design of sheet metal, piping and welding solutions. Over the years, the group has expanded its product and service range while also growing its international presence. Boccard is now a significant player in the international design, construction and maintenance of industrial installations. The group currently operates in 35 countries and employs 3,500 people.
A global player
Boccard is currently structured into two distinct divisions: the Life Solution division, which focuses on the agri-food, cosmetics, biotechnology and pharmaceuticals sectors, and the Energy Solution division, which concentrates on energy solutions.
The recent acquisition of Leroux & Lotz Technologies (LLT) has bolstered the latter division, particularly in the field of medium-power thermal power plants and integrated combustion technologies. LLT group already had a strong international presence, particularly in Poland. The merger with Boccard should facilitate accelerated growth for LLT in the European market. Boccard will leverage LLT’s existing presence in Eastern Europe to expand its own operations in the region.
A high-growth sector
The growth of the renewable thermal power plant market is a direct result of the global energy transition and decarbonisation objectives, both in Europe and worldwide. It is forecast that the global energy transition market, which includes renewable thermal power plants, will reach a value of $3.7 trillion by 2028. The market is now dominated by renewable technologies, which have been supported by government policies. Industrial companies have largely initiated their energy transition, redefining their production tools in the process. Boccard’s offering is proving successful in winning over major accounts, as evidenced by the Group’s revenues, which reached €200 million in 2022, representing a 12.9% year-on-year increase.
Our experts at your service
The acquisition of LLT has enabled Boccard to internalise cutting-edge technology, allowing it to differentiate itself in the highly competitive energy transition market. AURIS Finance’s team of experts are sector-specific. They can assist you in identifying targets, securing financing and structuring an integration.
