ALDEN

Alden was developed in Alsace from 1995 by the Waag family to offer accessories for RVs (antennas and TV reception systems, solar panels, cooling systems, motorcycle or bike racks, trailer hitches, etc.). The brand gradually established itself as the French leader and then the joint European leader in RV TV reception thanks to development in Germany based on a small acquisition made in 2006 shortly after Initiative & Finance invested. After a period of strong growth, Alden saw its market decline in 2008/09 before returning to an upward trajectory. A second market downturn in 2012 compromised a secondary LBO. The group, which had honored all its bank loan repayments until that point, had to negotiate a new schedule with the banks, as part of an ad hoc mandate. Once the difficulties had passed, thanks to the positions established on the German market, Initiative & Finance was able to sell its stake to the management at a profit (whereas for a period it had been expected to recoup only 75% of its initial outlay).